By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- The U.S. stock market rose on Thursday, sending the S&P 500 into record territory, as investors digested a number of economic reports and speeches from several Federal Reserve officials.

The S&P 500 (SPX) added 6.35 points, or 0.3%, to 1,879.29, hitting an intraday high. If the index closes at this level or higher, it will be its 50th record in the past 12 months.

The Dow Jones Industrial Average (DJI) gained 81 points, or 0.5%, to 16,439.64. The Nasdaq Composite (RIXF) added 8.04 points, or 0.2%, to 4,366.37.

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"Jobless claims falling to a three-month low sets us up for tomorrow's payrolls report. Unless it comes dramatically lower, investors will shrug it off as the weather factor is already baked into expectations," said Chris Gaffney, senior market strategist at EverBank.

Before the opening bell, a report on weekly jobless claims showed a larger-than-expected drop in the week ended March 1. The number of people who applied for U.S. unemployment benefits fell by 26,000 to 323,000 in the week ended March 1, marking the lowest level since late November, the Labor Department said Thursday.

Like other economic reports, claims have been distorted by a harsh winter. The four-week average that reduces the effects of weather and other unusual factors fell by 2,000 to 336,500, and it's shown little change in 2014. The jobless claims data come ahead of Friday's nonfarm-payrolls report, which is expected to show job gains of around 140,000 for February.

U.S. productivity growth in the fourth quarter was reduced to a 1.8% annual rate instead of 3.2% as originally reported, the Bureau of Labor Statistics said. The revision matched economists' forecasts.

Orders for goods produced in U.S. factories fell 0.7% in January, the Commerce Department said Thursday. Economists surveyed by MarketWatch expected orders to fall by 0.6%.

Apart from economic reports, several Federal Reserve officials speaking Thursday will attract investors' attention.

Staples, Costco earnings disappoint

Staples (SPLS) shares slumped 13% after the company posted declines in sales and traffic for its fiscal fourth quarter, disappointing Wall Street. It also forecast a sales decline in the first quarter of 2014 and said it would close 225 stores by the end of 2015.

Costco (COST) dropped 3.1% after fiscal second-quarter profit declined 15%. The retailer said the first four-week period of the quarter made up the bulk of earnings underperformance. Same-store sales rose 4% in the U.S. and 5% internationally.

Children's Place Retail Stores Inc. (PLCE) shares slumped 11% after the retailer of children's clothes posted a fall in earnings and sales year-over-year and said it sees first-quarter comparable sales off 2% to 4%.

L Brands Inc. (LB) shares fell slightly after the company said same-store sales rose in February.

Shares in Yum! Brands (YUM) rallied 2.1% after analysts at R.W. Baird raised the stock to outperform from neutral.

Fed officials line up

New York Fed President William Dudley was interviewed by The Wall Street Journal. "It seems to us the economy should be better in 2014 than in was in 2013," he said.

Atlanta Fed President Dennis Lockhart's speech on the economic outlook at Georgetown University in Washington D.C. is due at 6 p.m. Eastern.

Philadelphia Fed President Charles Plosser told CNBC on Thursday that he's "very worried" about potential for unintended consequences of the Fed's quantitative easing program. He told CNBC that the U.S. "may never return" to its previous growth rates, and it could be "many, many years" before that happens.

Late Wednesday, Richard Fisher, president of the Federal Reserve Bank of Dallas, said in a speech in Mexico City that he was concerned about "eye-popping levels" of some stock markets, and that the central bank must monitor signs carefully to be sure another bubble isn't forming.

European stocks stayed firm after the ECB decision. Asian markets closed on a largely stronger footing.

More stories from MarketWatch:

What this stock bull market needs to live a sixth year

Fed's Fisher raises concern over stock values

5 ways to protect profits as the bull market turns 5

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