The S&P 500 rose for a sixth day in a row on Thursday as investors took solace in the Federal Reserve's patient stance on raising interest rates, while stronger-than-expected economic data also boosted sentiment.
The Dow Jones Industrial Average fell 73.79 points from Wednesday's all-time record to 36,083.79.
The S&P 500 gained 15.84 points to add to Wednesday's all-time high at 4,676.41
The NASDAQ Composite added 110.72 points to 15,912.49, also topping the previous record.
The S&P 500 is up 1.3% for the week, pushing the S&P 500's year-to-date return up to 24% as the benchmark enters a seasonally strong part of the year for markets.
Qualcomm rallied nearly 13% following an earnings beat propelled by a 56% surge in smartphone chip sales. The company also provide strong guidance for the fourth quarter.
MGM shares gained nearly 2% after the casino operator announcing plans to sell the operations of its Mirage casino in Las Vegas to another operator. The company noted that no sales agreement had been reached and it did not mention any possible buyers.
Yet Moderna shares cratered 16% after the drugmaker slashed its Covid-19 vaccine revenue outlook.
Roku was under pressure, falling more than 4% after the streaming platform reported disappointing third-quarter revenue.
The central bank said it will begin to slow its bond-buying program later this month, signaling that the economy can now handle an unwinding of pandemic stimulus. Investors had long anticipated the move and liked that the Fed did not signal it would be any more aggressive than necessary in raising interest rates once the bond tapering was finished next year.
On the data front, U.S. jobless claims totaled 269,000 for the week ended Oct. 30, the lowest pandemic-era total and better than the 275,000 expected by economists polled by Dow Jones.
October's hotly anticipated jobs report will be released on Friday. Consensus estimates call for 450,000 jobs added, according to Dow Jones. Non-farm payrolls increased by 194,000 in September, far short of the 500,000 estimate.
Prices for 10-year Treasurys jumped, lowering yields to 1.55% from Wednesday's 1.61%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.89 to $82.75 U.S. a barrel.
Gold prices prospered $31.40 to $1,795.30 U.S. an ounce.