Stocks rose on Thursday, with the S&P 500 setting a new record closing high, as the broader market rebounded ahead of a key job market report on Friday for July.

Here's how the market settled on Thursday:

S&P 500 Index (SPY  ): +0.60% or +26.47 points to 4,429.13

Dow Jones Industrial Average (DIA  ): +0.78% or +271.58 points to 35,064.25

Nasdaq Composite Index (QQQ  ): +0.78% or +114.58 points to 14,895.12

Moderna says COVID vaccine booster produces "robust" immune response against variants:

Moderna (MRNA  ) said that its COVID-19 vaccine booster shot produced a "robust" antibody response against the highly contagious delta variant, according to data for a Phase 2 clinical trial released Thursday.

In the trial, Moderna tested a 50-microgram dose of three vaccine booster candidates in volunteers who were previously fully vaccinated. The booster shots produced immune responses against three variants, including the highly contagious Delta variant, with antibody level similar to those seen in unvaccinated people who received two 100-microgram doses of the original vaccine, according to Moderna.

Biden pushes new national target for EVs:

President Joe Biden plans to set a new national target on Thursday for the public's adoption of electric vehicles, aiming for EVs to represent half of all new car sales by 2030. This move will move the nation close to a zero-emissions future in-line with Paris climate agreement goals.

General Motors (GM  ), Ford Motor (F  ) and Stellantis (STLA  ), formerly Fiat Chrysler, said in a joint statement that they expect "to achieve sales of 40-50% of annual U.S. volumes of electric vehicles," by Biden's target of 2030.

While Biden will sign an executive order, the sales target will not be mandatory, Instead, the White House will encourage the U.S. auto industry and government to promote the legislation and the adoption of EVs.

Here's how the market started trading after opening bell:

S&P 500 Index: +0.26% or +11.64 points to 4,414.30

Dow Jones Industrial Average: +0.28% or +97.67 points to 34,890.34

Nasdaq Composite Index: +0.11% or +24.54 points to 14,804.83

Jobless claims edge lower last week:

Initial unemployment claims fell lower last week, totaling 385,000 for the week ended July 31, according to the Labor Department's latest report published Thursday. That total was a decline of 14,000 from the previous week and met consensus economist expectations.

Continuing jobless claims also declined for the week ended July 17, falling to a pandemic-era low of 2.93 million, unexpectedly dropping below the 3 million for the first time since March 14, 2020.