Another strong day for the large-caps/techDow +185.46 at 27386.98, Nasdaq +109.67 at 11108.14, S&P +21.39 at 3349.16 [BRIEFING.COM] The mega-cap stocks did the heavy lifting on Thursday, powering the Nasdaq Composite (+1.0%) to another record close and leaving the S&P 500 (+0.6%) within 1.5% of its all-time high. The Dow Jones Industrial Average gained 0.7%, while the small-cap Russell 2000 declined 0.1%. Look no other than to Apple ($AAPL 455.61, +15.36, +3.5%), Microsoft ($MSFT 216.35, +3.41, +1.6%), Amazon ($AMZN 3225.00, +19.97, +0.6%), Alphabet ($GOOG 1550.10, +26.49, +1.8%), and Facebook ($FB 265.28, +16.16, +6.5%) to explain today's positive bias that obscured the advantage declining issues had over the advancing issues at the NYSE and Nasdaq. There were no specific catalysts driving the moves in these names, suggesting that investors were simply chasing these stocks higher due to their strong balance sheets, growth prospects, and dominance in their respective markets. These stocks also awakened a flat-trading market in the afternoon. Unsurprisingly, the S&P 500 communication services (+2.5%), information technology (+1.5%), and consumer discretionary (+0.5%) sectors advanced the most today. On the other end were the energy (-0.7%), health care (-0.6%), materials (-0.4%), and financials (-0.2%) sectors in negative territory. In other developments, initial claims for the week ending August 1 were better than feared, decreasing by 249,000 to 1.186 million (Briefing.com consensus 1.400 million), and the U.S. lifted its advisory to avoid all international travel. The latter helped put a bid in the airline stocks. Separately, lawmakers scheduled stimulus talks for later this evening, although it remained uncertain if a deal was going to get done by tomorrow. Outside equities, U.S. Treasuries finished little changed, oil prices ($41.95/BBL, -0.29, -0.7%) closed lower, and precious metals continued to rally. The 2-yr yield was flat at 0.11%, and the 10-yr yield declined one basis point to 0.54%. The U.S. Dollar Index declined 0.1% to 92.77. Gold futures rose 0.9% to $2068.80/OZT, and silver futures rose 5.5% to $28.37/OZT. Reviewing Thursday's economic data: Initial claims for the week ending August 1 decreased by 249,000 to 1.186 million (Briefing.com consensus 1.400 million). Continuing claims for the week ending July 25 decreased by 844,000 to 16.107 million.The key takeaway from the report is that initial claims were much better than expected, which is eye candy to a stock market moving up on relative terms. The big picture takeaway, however, is that initial claims are still running in excess of 1.1 million. That's not a good thing, as it underscores the continued perilous state of the labor market. In the same week a year ago, initial claims were 214,000. Looking ahead, investors will receive the Employment Situation Report for July, Consumer Credit for June, and Wholesale Inventories for June on Friday. Nasdaq Composite +23.8% YTDS&P 500 +3.7% YTDDow Jones Industrial Average -4.0% YTDRussell 2000 -7.4% YTD Market Snapshot Dow27386.98+185.46(0.68%)Nasdaq11108.14+109.67(1.00%)SP 5003349.16+21.39(0.64%)10-yr Note +1/320.539NYSEAdv 1458 Dec 1479 Vol 791.0 mlnNasdaqAdv 1492 Dec 1765 Vol 4.0 bln Industry Watch Strong: Communication Services, Information Technology, Consumer DiscretionaryWeak: Health Care, Materials, Financials, Energy Moving the Market -- Another strong day for the mega-caps, which powered market higher-- Initial claims for the week ending August 1 decreased by 249,000 to 1.186 million (Briefing.com consensus 1.400 million)-- The U.S. lifted its advisory to avoid all international travelSource: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. . Want to trade some of these stocks?Are you interested in trading stocks to supplement your income or make a living? Maybe become a professional trader? Many traders have the skills and nerves to trade, but not the upfront capital. Well now that problem is solved!Try2BeFunded has expanded its trading program! If you're a novice or experienced trader, you can earn access to a trading account with up to $100,000! To learn more about how to qualify, click HERE and give it a shot! You have nothing to lose it is free to try. Give Try2BeFunded a try! .