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The S&P 500 closed at a record high on Thursday, the day after the Dow Jones Industrial Average briefly set a new intraday record as the stock market rallied on positive earnings news from American companies for the third quarter.

Important facts

The S&P 500 rose 0.3% to close at an all-time high of 4,549, while the Dow was flat and the Nasdaq was up 0.6% on a mixed trading day.

It was the seventh straight day of gains for the S&P 500 index, which is up around 5% so far this month.

The market made a comeback in October as corporate earnings proved resilient despite rising costs: As of Wednesday, around 84% of the S&P 500 companies that reported earnings estimates were beating estimates, according to Refinitiv.

Electric car maker Tesla’s shares rose 3.3% daily after generating record profits and revenues, while tech company HP rose nearly 7% on similarly strong results.

Investors also cheered on strong employment data: jobless claims fell to a new pandemic low last week, a promising sign for the economy as a whole.