S&P 500, Nasdaq hit record closing highs amid upbeat earnings, data

Dow up 1.1%, S&P 500 up 1.1%, Nasdaq up 1.2%

US stocks rose more than 1% on Thursday and the S&P 500 and Nasdaq posted record closing highs after another batch of upbeat earnings and data suggesting the labor market may be stabilising.

The Dow and S&P 500 rose for a fourth straight day, with investor hopes of further progress on a pandemic-relief package also boosting the market. Democrats in the US Senate were poised to take a first step toward the ultimate passage of President Joe Biden's $1.9 trillion Covid-19 relief proposal.

On the economic front, the number of Americans filing new applications for unemployment benefits decreased further last week, according