Stock market today: Wall Street drifts higher as S&P 500 pulls back within 1% of its record

U.S. stocks are drifting higher. The S&P 500 was 0.3% higher Thursday following two straight days where it barely budged. The Dow Jones Industrial Average gained 185 points, and the Nasdaq composite rose 0.3%. Helping to keep the market steady was a report showing a rise in the number of U.S. workers applying for unemployment benefits, though it remains low compared with history. Treasury yields erased earlier gains after the report raised hopes that the Federal Reserve will cut interest rates this year. Across the Atlantic, the Bank of England hinted a cut to its key rate may come soon.