Stocks Ended at Record Highs amid Hope for Stimulus Deal

U.S. stocks ended at record highs on Thursday, as traders hold out hope for another stimulus deal. The Dow Jones Industrial Average rose 148.83 points, or 0.49%, to 30,303.37. The S&P 500 rose 21.31 points, or 0.58%, to 3,722.48. The Nasdaq Composite gained 106.56 points, or 0.84%, to 12,764.75.

Oil futures on Thursday stretched their gains to a fourth straight session, as signs of progress toward another round of economic relief by U.S. lawmakers helped to keep prices at their highest levels in more than nine months. West Texas Intermediate crude for January delivery rose 54 cents, or 1.1%, to settle at $48.36 a barrel. February Brent crude added 42 cents, or 0.8%, to $51.50 a barrel.

Congressional leaders are reportedly close to an agreement on a fiscal stimulus and coronavirus relief bill with a price tag of about $900 billion. It would include funding for vaccine distribution, another round of direct payments to individuals of about $600, supplemental unemployment benefits, and more than $300 billion in small business relief.

The latest weekly jobless claims data showed 885,000 initial claims, up from 862,000 a week earlier, and 5.5 million continuing claims, down from 5.8 million last week.