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How Soon Will the S&P Hit 1,600?

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The stock market continued to grind higher on Thursday, with the Dow Jones Industrial Average higher for the 10th-consecutive session and the S&P 500 index within striking distance of its all-time closing high, as investors cheered a better-than-expected weekly jobless claims report.

(Read More: Jobless Claims Slip While Producers Paying More)

Weekly jobless claims unexpectedly declined 10,000 in the previous week to a seasonally adjusted 332,000, according to the U.S. Labor Department, marking the third-consecutive week of declines. Economists polled by Reuters expected first-time applications last week to climb to 350,000.

In turn, stocks continued to push higher in midday trading. The S&P 500 is within 0.3 percent or about 5 points of its all-time closing high of 1565.15 hit on October 9, 2007.

Here are some levels to watch on the S&P:

- S&P 500 All-Time Intraday High: 1576.09

- S&P 500 All-Time Closing High: 1565.15

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