US Stocks Close At Record Highs; S&P Finishes Above 1,700

US stocks soared to set fresh closing highs Thursday, propelling the S&P 500 above the 1,700 mark for the first time, as Wall Street cheered a round of upbeat economic data and ahead of the widely-watched government jobs report.

Major averages also closed out their best July since 2010 on Wednesday. So far this year, the Dow and S&P 500 have spiked more than 19 percent, while the Nasdaq has surged an impressive 21 percent.