US Markets rally, Dow closes above 34,000, S&P 500 hits record as yields slide

Wall Street had a terrific Thursday with Dow closing above the 34,000 mark and S&P 500 soaring to a record high as falling yields boosted bets on tech stocks. 

Tech backed Nasdaq Composite closed above 14,000 for the first time since Feb. 16 as benchmark 10-year Treasury yield slipped below 1.6% for the first time since March 25.

Economic data continues to be supportive with U.S. jobless claims dropping to the lowest level since March 2020 and retail sales jumping 9.8% in March beating estimates. 

The S&P 500 has gained 1% this week, on pace for its fourth straight positive week.