(Reuters) - The S&P 500 and the Dow Jones Industrial Average hit record intraday highs on Thursday as
a rally in oil prices added to optimism about U. S. President Donald Trump’s proposed tax reforms.
A Labor Department report showed the number of Americans applying for unemployment benefit rose slightly more than expected last week,
but the four-week average of claims fell to its lowest level since 1973, pointing to strengthening labor market conditions.
S&P, Dow Hit Record Highs as Oil Prices Rally -
23, 2017, 10:00 A. M. E. S.T.
U. S. stocks have been on a record-setting rally in the past two weeks after Trump
said his administration would make a major tax announcement in the coming weeks.
Oil prices surged 2 percent on Thursday after data showed a surprise decline in U. S. inventories, suggesting a global oversupply maybe be ending.
Treasury Secretary Steven Mnuchin told CNBC on Thursday that he expected a "very significant" tax reform to be enacted by Congress’ August recess.
The S&P 500 was up 4.94 points, or 0.21 percent, at 2,367.76 and the Nasdaq Composite was up 2.30 points, or 0.04 percent, at 5,862.93.