The major U.S. equity indexes rose Thursday and the S&P 500 set a new record closing high as energy and travel stocks bounced back ahead of a key labor market report.

The S&P 500 added 0.6% to finish at a new all-time high of 4,429.10.

Weekly initial jobless claims came in at 385,000 on Thursday, in-line with expectations. The claims data was the last reading before the key July jobs report, which will be released on Friday morning. There is a wide range of estimates from economists about what the report will show, and some metrics for employment gains have disappointed despite a high level of reported job openings.

The jobs report is expected to be a key data point for the Federal Reserve as it considers when to tighten monetary policy.

The 10-year Treasury yield topped 1.2% on Thursday, continuing a volatile stretch of trading for the benchmark measure. The yield briefly dipped below 1.13% on Wednesday before bouncing back in late morning trading.

Through Thursday afternoon 427 S&P 500 components have posted quarterly results, with 88% topping earnings estimates, according to data from Refinitiv. When it comes to revenue, 87% have exceeded expectations.

U.S. stock index futures were little changed during early morning trading on Friday, ahead of the highly anticipated jobs report.

Stocks finished Thursday's session in the green, with the  Nasdaq Composite advanced 0.78% for its fourth straight positive session.

All eyes are on Friday's jobs report, which will show how the labor marked fared during July. Economists expect the economy to have added 845,000 jobs last month, according to estimates from Dow Jones. However the broad range of targets — from 350,000 on the low end to 1.2 million at the top — show the uncertainty that’s currently in the market.