(Reuters) - The S&P 500 and the Dow Jones Industrial Average hit record intraday highs on Thursday as<br />a rally in oil prices added to optimism about U. S. President Donald Trump’s proposed tax reforms.<br />A Labor Department report showed the number of Americans applying for unemployment benefit rose slightly more than expected last week,<br />but the four-week average of claims fell to its lowest level since 1973, pointing to strengthening labor market conditions.<br />S&P, Dow Hit Record Highs as Oil Prices Rally -<br />23, 2017, 10:00 A. M. E. S.T.<br />U. S. stocks have been on a record-setting rally in the past two weeks after Trump<br />said his administration would make a major tax announcement in the coming weeks.<br />Oil prices surged 2 percent on Thursday after data showed a surprise decline in U. S. inventories, suggesting a global oversupply maybe be ending.<br />Treasury Secretary Steven Mnuchin told CNBC on Thursday that he expected a "very significant" tax reform to be enacted by Congress’ August recess.<br />The S&P 500 was up 4.94 points, or 0.21 percent, at 2,367.76 and the Nasdaq Composite was up 2.30 points, or 0.04 percent, at 5,862.93.
