U.S. stocks climbed to record levels on Thursday after key companies reported strong earnings and fresh economic data pointed to a rebound in consumer spending and the jobs market.

The S&P 500 gained 1.1% to 4,170.42, reaching a record high. The market has been grinding higher to reach new records in recent sessions amid the economic reopening and trillions of dollars in stimulus. The S&P 500 has gained 11% in 2021 with energy and financials up the most year to date.

Retail sales surged 9.8% in March as additional stimulus sent consumer spending soaring, the Commerce Department reported Thursday. That number topped the Dow Jones estimate of a 6.1% gain.

A separate report on Thursday showed that first-time filings for unemployment insurance dropped to the lowest level since March 2020. The Labor Department reported 576,000 new jobless claims for the week ended April 10. Economists polled by Dow Jones expected a total of 710,000.

Stock futures were little changed in overnight trading on Thursday after the Dow Jones Industrial Average crossed the 34,000 threshold for the first time ever.

Technology shares rebounded as bond yields fell. The so-called FAANG stocks – Facebook, Amazon, Apple, Netflix and Alphabet – all climbed more than 1%. The 10-year Treasury yield dropped 8 basis points below 1.56%. Earlier in the year, higher rates caused investors to dump growth-oriented stocks.

Investor sentiment was boosted by economic data on Thursday that pointed to a rebound in consumer spending and the jobs market.

Wall Street is poised to wrap up another winning week. The S&P 500 has gained 1% this week, on pace for its fourth straight positive week. The Dow has climbed 0.7%, while the Nasdaq is up 1% through Thursday.

Plan A : Short if market failed to support above 13960. Targets are 13918, 13881 and 13840.

Plan B : Long if market supported firm above 13960. Targets are 13989, 14021 and 14055.