The U.S. stock market ran up to the edge of another record on Thursday.

The S&P 500 climbed 0.8% and is sitting just 0.05% below its all-time closing high, which was set in February. It briefly topped the mark during the afternoon in the latest milestone for the index at the heart of many 401(k) accounts, which had dropped roughly 20% below its record during the spring on worries about President Donald Trump’s tariffs.

The Dow Jones industrial average rallied 404 points, or 0.9%, and the Nasdaq composite gained 1%.

McCormick, the seller of cooking spices, helped lead the way and jumped 5.3% after delivering a better-than-expected profit report

Chip company Nvidia, which has been the poster child of the frenzy around artificial-intelligence technology, added 0.5%. It’s the most valuable company in the U.S. stock market after rushing 61% higher since April 8, towering over the S&P 500’s gain of 23%. Another AI darling, Super Micro Computer, rose 5.7% to bring its gain since April 8 to 55%.

Micron Technology, which sells computer memory and data storage, swung between gains and losses after reporting stronger profit and revenue for the latest quarter than analysts expected. Its stock ended the day down 1%.

All told, the S&P 500 rose 48.86 points to 6,141.02. The Dow rose 404.41 to 43,386.84, and the Nasdaq composite gained 194.36 to 20,167.91.

The economy so far seems to be holding up OK, though slowing, and more reports arrived on Thursday bolstering that. One said that orders for washing machines and other manufactured goods that last at least three years grew by more last month than economists expected. A second said fewer U.S. workers filed for unemployment benefits last week, a potential signal of fewer layoffs.

A third report said the U.S. economy shrank by more during the first three months of 2025 than earlier estimated.

Following the reports, Treasury yields swiveled up and down in the bond market before easing.

The yield on the 10-year Treasury fell to 4.24% from 4.29% late Wednesday. The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do, fell to 3.71% from 3.74% late Wednesday.

In stock markets abroad, indexes were mixed in Europe following a mixed finish in Asia.

Japan’s Nikkei 225 rose 1.6%, and South Korea’s Kospi fell 0.9% for two of the bigger moves.

— Associated Press