Wall Street delivered another set of milestones Thursday as a wave of buying sent U.S. stocks solidly higher, driving the Dow Jones Industrial Average above the all-time high it closed at in January.

The S&P 500, the benchmark for many index funds, also hit a new high, eclipsing the peak it reached last month.

Technology stocks, banks and health care companies accounted for much of the broad rally.

“Some of the economic data that came out today continued to show strength,” said Lindsey Bell, an investment strategist with CFRA. “Given the strength in the economy, backed by the stimulus from tax reform as well as just fiscal stimulus in general, that should be able to offset some of the impact that we’re going to get from tariffs as we go into the end of the year.”

The S&P 500 index rose 22.80 points, or 0.8 percent, to 2,930.75. The Dow gained 251.22 points, or 1 percent, to 26,656.98. The Nasdaq composite climbed 78.19 points, or 1 percent, to 8,028.23. The Russell 2000 index of smaller companies picked up 17.25 points, or 1 percent, to 1,720.18.

With the Federal Reserve having clearly signaled its policy — gradual rate increases, including two more this year — and the U.S. economy gaining strength, the market has recently taken the trade tremors in stride and pushed the Dow and S&P 500 to new highs.

The Dow is now up 7.8 percent for the year, while the S&P 500 is up 9.6 percent. The gains have helped boost investors’ stock holdings.

The Labor Department’s weekly tally of applications for unemployment aid was lower than expected, with claims slipping last week to 201,000. That’s the lowest level since November 1969.

An economic index from the Federal Reserve’s bank in Philadelphia also topped forecasts, and the Conference Board’s index of leading economic indicators, designed to anticipate economic conditions three to six months out, rose 0.4 percent last month. That suggests the economy is on sure footing, said Tracie McMillion, global head of asset allocation for Wells Fargo Investment Institute.

“With a (reading) that high it’s very unlikely that there’s a recession on the horizon,” McMillion said. “The U.S. market is responding to this foundation of economic strength. Pair that with a dollar that has started to depreciate a little bit and that’s good news for U.S. companies that trade abroad.”

(AP)