NEW YORK — The stock market continued its upward climb Thursday as traders went back to work after the holiday, adding to what has been a historic year for the market.
Traders were encouraged by the unexpectedly large drop in claims for jobless benefits last week, the latest sign that the U.S. job market is improving. Trading volume was low, however, as most portfolio managers have closed out their positions for the year.
The Dow Jones industrial average rose 122.33 points, or 0.8 percent, to 16,479.88. It was the 50th record high close for the Dow this year. The index is up 25.8 percent so far in 2013 and is on pace to have its best year since 1996.