S&P tops 1,400; best close since June '08

The stock market cleared another barrier Thursday in its long recovery from the Great Recession: The Standard & Poor's 500 index closed above 1,400 for the first time since June 2008.

The Dow Jones industrial average, driven higher like the rest of the market by more good economic news, set a four-year high. It climbed 58.66 points to 13,252.76, its highest close since the last day of 2007 and its seventh gain in a row.

The government said applications for unemployment benefits fell last week to 351,000, matching a four-year low. Since December, employers have added an average 245,000 jobs each month.

Optimism about the job market and the broader economic recovery has driven stocks steadily higher all year. The S&P is up more than 11 percent, beating its performance for an average year, and the Dow is up more than 8 percent.

"We've been sputtering for the last couple of days, but now we're seeing those strong jobs numbers really drive the market higher," said Joe Bell, senior equity strategist at Schaeffer's Investment Research.

The S&P finished at 1,402.60, up 8.32 points -- about 107 points shy of its record, 1,565.15, set in October 2007. The Nasdaq was up 15.64 points to close at 3,056.37.