S&P, NASDAQ Surpass Old Records at Open

U.S. stocks traded higher on Thursday as Wall Street remained positive about the Federal Reserve's plan to trim its balance sheet, while tech stocks climbed.

The Dow Jones Industrials gained 83.16 points to 21,095.58, with Home Depot contributing the most gains.

The S&P 500 spiked 10.21 points to 2,414.60, rising above its previous record of 2,405.77. Information technology was among the best-performing sectors, rising 0.2%. Tech has been on a tear this year, rising more than 19%.

The NASDAQ rumbled higher 35.46 points to 6,198.48, climbing over 6,170.16, as Netflix, Alphabet, and Facebook shares all rose.

According to the minutes from its May 3 meeting, which were released Wednesday, the Fed sees a system where it will announce cap limits on how much it will allow to roll off each month without reinvesting.

Investors also kept an eye on oil prices after the Organization of the Petroleum Exporting Countries agreed to extend production cuts by nine months. That disappointed some investors, who had hoped that OPEC might reduce output even further to drain a global glut that has depressed markets for almost three years.

In economic news, jobless claims hit 234,000 last week, rising slightly from the previous week, but remained near their lowest levels in more than 40 years.

Prices for the benchmark 10-year Treasury note settled, lifting yields to 2.26% from Wednesday's 2.25%. Treasury prices and yields move in opposite directions

Oil prices faded 47 cents at $50.89 U.S. a barrel

Gold prices gained $3.20 at $1,256.30 U.S. an ounce.