STORY: The S&P 500 and Nasdaq hit record closing highs for a fourth session in a row on Thursday as technology shares extended their recent rally.

The Dow dipped more than a tenth of a percent, while the S&P 500 gained more than two-tenths and the Nasdaq added more than three-tenths of a percent.

Chris Konstantinos, managing partner and chief investment strategist at Riverfront Investment Group, remains bullish on stocks as long as corporate earnings are strong.

"The biggest controversy right now in my mind is simply what valuation you assign to those earnings. But, you know, historically speaking, the market can support an 18 to 20 forward PE multiple on the S&P 500 as long as you have a positive macro backdrop without, you know, a deep recession looming at some point in the near term, which is not what we're predicting right now."

Although the labor market remains strong, the number of Americans filing new claims for unemployment benefits increased last week. Another report Thursday showed producer prices unexpectedly fell in May.

The reports come one day after Labor Department data showed inflation easing, and the Federal Reserve projected only one rate cut this year instead of its prior estimate of three.

Thursday's stock movers included Broadcom, which jumped more than 12% and hit a record high after the chipmaker raised its revenue forecast for AI-related semiconductors. It also announced a 10-for-1 forward stock split.

Shares of Nvidia rallied as well, closing up 3.5%.

And Tesla shares added nearly 3% as an army of largely retail investors was set to approve CEO Elon Musk's $56 billion pay package despite opposition from major institutions.