Weber Inc. CEO Chris Scherzinger poses beside a giant grill outside the New York Stock Exchange prior to his company's IPO, Thursday, Aug. 5, 2021. (AP Photo/Richard Drew)
Weber Inc. grills are displayed outside the New York Stock Exchange prior to the company's IPO, Thursday, Aug. 5, 2021. (AP Photo/Richard Drew)
A woman stops to photograph a display of Weber Inc. grills outside the New York Stock Exchange prior to the company's IPO, Thursday, Aug. 5, 2021. (AP Photo/Richard Drew)
A giant Weber Inc. grill is displayed outside the New York Stock Exchange prior to the company's IPO, Thursday, Aug. 5, 2021. (AP Photo/Richard Drew)
Weber Inc. CEO Chris Scherzinger poses beside a display of grills outside the New York Stock Exchange prior to his company's IPO, Thursday, Aug. 5, 2021. (AP Photo/Richard Drew)Trader Fred DeMarco works on the floor of the New York Stock Exchange, Thursday, Aug. 5, 2021. Stocks rose in morning trading on Wall Street Thursday as investors reviewed encouraging jobs market data and a strong batch of corporate earnings reports. (AP Photo/Richard Drew) Specialist Peter Giacchi works on the floor of the New York Stock Exchange, Thursday, Aug. 5, 2021. Stocks rose in morning trading on Wall Street Thursday as investors reviewed encouraging jobs market data and a strong batch of corporate earnings reports. (AP Photo/Richard Drew) Trader Ashley Lara works on the floor of the New York Stock Exchange, Thursday, Aug. 5, 2021. Stocks rose in morning trading on Wall Street Thursday as investors reviewed encouraging jobs market data and a strong batch of corporate earnings reports. (AP Photo/Richard Drew) Trader Edward Curran, left, works on the floor of the New York Stock Exchange, Thursday, Aug. 5, 2021. Stocks rose in morning trading on Wall Street Thursday as investors reviewed encouraging jobs market data and a strong batch of corporate earnings reports. (AP Photo/Richard Drew) Trader Ben Tuchman, left, works on the floor of the New York Stock Exchange, Thursday, Aug. 5, 2021. Stocks rose in morning trading on Wall Street Thursday as investors reviewed encouraging jobs market data and a strong batch of corporate earnings reports. (AP Photo/Richard Drew) 
Traders Timothy Nick, left, and Joel Luchese work on the floor of the New York Stock Exchange, Thursday, Aug. 5, 2021. Stocks rose in morning trading on Wall Street Thursday as investors reviewed encouraging jobs market data and a strong batch of corporate earnings reports. (AP Photo/Richard Drew)
Traders Jonathan Mueller, left, and Michael Capolino work on the floor of the New York Stock Exchange, Thursday, Aug. 5, 2021. Stocks rose in morning trading on Wall Street Thursday as investors reviewed encouraging jobs market data and a strong batch of corporate earnings reports. (AP Photo/Richard Drew)
Trader Steven Gohl works on the floor of the New York Stock Exchange, Thursday, Aug. 5, 2021. Stocks rose in morning trading on Wall Street Thursday as investors reviewed encouraging jobs market data and a strong batch of corporate earnings reports. (AP Photo/Richard Drew)Stocks rallied broadly higher on Wall Street Thursday as investors reviewed encouraging jobs data and a strong batch of corporate earnings reports.
The S&P 500 index rose 0.4 as of 3:25 p.m. Eastern. The Dow Jones Industrial Average rose 191 points, or 0.6%, to 34,983 and the Nasdaq rose 0.6%, within striking distance of an all-time high..
The gains were broad in what has been a choppy week of trading, with technology companies leading the way. Banks made solid gains as long-term bond yields rose, which they rely on to charge higher interest rates on loans. The yield on the 10-year Treasury rose to 1.21% from 1.18% late Wednesday.
Smaller company stocks outpaced the broader market in a sign that investors are feeling more confident about economic growth. The Russell 2000 rose 1.6%
Wall Street got another glimpse of the recovering jobs market after the Labor Department reported that unemployment claims — a proxy for layoffs — dropped last week by 14,000. The generally encouraging report follows a weak report from payroll processor ADP on Wednesday showing that the private sector added jobs at a much slower pace than expected in July.
The labor market has lagged other areas of the economy during the recovery from the virus pandemic. Investors will get a more comprehensive picture on Friday when the Labor Department releases its July jobs report.
Investors also weighed another batch of earnings reports. Underwear maker Hanesbrands jumped 6.1% after reporting solid second-quarter financial results. Booking Holdings rose 5.7% after it reported solid revenue.
Several companies that benefited from the shift in consumer habits during the height of the pandemic slipped after releasing disappointing results or forecasts. Online crafts marketplace Etsy fell 8% after giving investors a weak sales forecast as more people return to shopping in person. Video-streaming service Roku shed 4.2% after active accounts and streaming hours fell short of analysts' forecasts.
Weber, the pioneering grill maker, jumped 18.3% in its stock market debut.
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