Stocks head higher ahead of jobs report

New steps from the European Central Bank to revive the region’s flagging economy gave U.S. markets a lift Thursday, pushing the Standard & Poor’s 500 index to another record high.

In the U.S. market, the gains were broad but modest. All 10 industries in the S&P 500 crept higher, led by industrial companies and banks.

The good news was tempered by early indications about the U.S. government’s monthly jobs report, out Friday. Before the market opened Thursday, the Labor Department said the number of Americans applying for unemployment benefits crept up last week to 312,000. The news heightened speculation that the government’s monthly jobs report could reveal a modest slowdown in hiring in May. It also followed a report from payroll processer ADP on Wednesday that showed private employers pulling back on hiring last month.

Economists estimate that U.S. employers added 220,000 jobs in May and that the unemployment rate inched up to 6.4 percent from 6.3 percent as more people hunt for work.

But that did not dampen rising markets Thursday in the U.S. or around the world.

The Standard & Poor’s 500 index rose 12.58 points, or 0.7 percent, to close at 1,940.46.

The Dow Jones industrial average rose 98.58 points, or 0.6 percent, to 16,836.11. The Nasdaq composite gained 44.58 points, or 1.1 percent, to 4,296.23. Both the S&P 500 and the Dow average are at record-high levels.