From Fortune:

U.S. stocks posted record highs on Thursday, lifted by yet another reassuring jobs report. The S&P 500 added 2.85 points to close at 4,997.91, while the Dow Jones Industrial Average and Nasdaq Composite also reached all-time highs.

In the context of a solid job market, the stock market rallied throughout the day on significant gains. For instance, the S&P 500 briefly breached the 5,000 mark and the Dow Jones Industrial Average surpassed 38,700 for the first time.

The stock market continues to be driven by strong economic fundamentals, as evidenced by an unexpectedly low number of workers applying for unemployment benefits last week. Market strategists are encouraged by these signs of strength and the potential for corporate profits.

Amid a robust jobs market and strong economic indicators, U.S. stocks enjoyed mixed results during the last quarter. Notable performers included The Walt Disney Co., Ralph Lauren, and Arm Holdings, while PayPal and S&P Global tapered off.

Concerns remain for U.S. banks, including New York Community Bancorp, which had a roller-coaster day of trading. Despite some positive developments, fears linger about the banking industry’s exposure to commercial real estate weaknesses.

Traders expect interest rates to rise later this year, with the first cut likely to come in May or June. In the meantime, stock markets in Asia and Europe saw varied performance as China reshuffled its stock market regulator and grappled with faltering markets.



Read more: S&P 500 hits 5,000 for first time ever