Stock Market Today: Dow, S&P Close at Record Highs Ahead of Alibaba IPO

NEW YORK (TheStreet) -- U.S. stock indices picked up momentum from this morning to close higher Thursday as the Dow Jones Industrial Average  and S&P 500 continued to rally and hit new highs a day ahead of the highly anticipated Alibaba Group's IPO. The stock will list under ticker symbol "BABA" and will hit the trading floor Friday on the New York Stock Exchange.

The Dow Jones Industrial Average rose 0.64% to 17,265.99 after hitting a high of 17,275.37. The S&P 500 climbed 0.49% to 2,011.36. The Nasdaq was up 0.68% to 4,593.43.

Read More: Yahoo!'s Alibaba Cash Could Trigger a Buying Binge in Tech

U.S. stocks rallied to record levels Wednesday after the Federal Reserve eased concerns that the central bank could initiate its first rate hike before the summer.

Watch the video below for a closer look at how U.S. markets ended the trading day Thursday:

WATCH: More market update videos on TheStreet TV

Markets opened strong today after the Federal Reserve pledged to hold down interest rates, saying it would keep rates near zero for a "considerable time." Markets also got a lift from a move by China's central bank on Thursday to cut short-term borrowing costs for banks.

Throughout the day, economic reports including a decline in jobless claims by 36,000 to a lower-than-expected 280,000 for the week ended Sept. 13, gave the U.S. stocks a boost.

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