Stocks gain after unemployment claims fall

NEW YORK (AP) — Stocks rose on Wall Street, pushing the Dow Jones industrial average to new highs, after the government said unemployment claims fell last week.

The Dow rose 43 points, or 0.3 percent, to 14,342 as of 1:01 p.m. Eastern. The Standard & Poor's 500 gained three points, or 0.2 percent, to 1,544. The Nasdaq composite advanced 10 points, 0.3 percent, to 3,232.

The market got a boost after the Labor Department reported that the number of Americans seeking unemployment aid fell by 7,000 last week, driving the four-week average to its lowest in five years. The drop is a positive sign ahead of Friday's employment report.

The Dow barreled through a record high Tuesday and has since added to those gains, putting the index on track for its fifth straight gain.

The S&P 500 is also closing in on its own record high of 1,565, which was also reached on Oct. 9, 2007, the same day of the Dow's previous peak. The S&P would need to rise 21 points, or 1.3 percent, to set a record.