In afternoon trading on Thursday, major stock market indexes held onto modest gains as the Dow Jones Industrial Average continued its stretch to new record highs. The Dow, S&P 500, and Nasdaq all saw an increase of around 0.2% on the stock market.

The Dow Jones Industrial Average reached yet another record high, while the S&P 500 flirted with its all-time record. Additionally, the Nasdaq continued its rally, setting new 52-week highs.

Tracking the Nasdaq 100, the Invesco QQQ Trust (QQQ) edged up 0.1%, while the Innovator IBD 50 ETF (FFTY) saw a slight decline of 0.2%.

Volume on the New York Stock Exchange and the Nasdaq fell compared to the same time on Wednesday.

On the economic front, the U.S. Department of Labor reported initial jobless claims for the week ended December 23 at 218,000, slightly higher than the expected 210,000. This figure also surpassed the revised 206,000 claims for the prior week.

The stock market saw some notable movers, particularly Chinese stocks. Li Auto (LI), a China-based electric vehicle maker, surged over 3% and reclaimed its 50-day moving average. The stock is currently in a consolidation phase with a buy point of 47.33, although investors may also consider an alternate entry point at 42.35.

Another Chinese firm, e-commerce platform operator PDD Holdings (PDD), saw a slight increase of over 1% in light volume.

Arm Holdings (ARM), an IBD Leaderboard name, experienced a spike of nearly 5% and has extended itself from a cup-with-handle base with a buy point of 64.92. The semiconductor stock reached an all-time high on Thursday.

Advanced Micro Devices (AMD) jumped over 2% and entered the 20% profit zone of a cup-with-handle base with a buy point of 122.11. This chip stock led the S&P 500 in gains.

Nvidia (NVDA), another prominent chip stock from the IBD 50 list, added 0.7% and is currently in a flat base with a buy point of 505.48, coinciding with the stock's 52-week high reached on November 20. Nvidia's flat base builds upon the double-bottom pattern it broke out of last month.

Turning to Dow Jones components, Amgen (AMGN) rose to touch the 288.46 buy point of a cup base. However, suspicions were raised due to tentative price action and below-average volume levels.

Apple (AAPL) gained 0.3% and remained within the buy zone of a cup-with-handle base, which has a buy point of 192.93.

Walgreens Boots Alliance (WBA) gave back earlier gains and dipped 0.3% as Medicare drug price negotiations are set for February 1.

However, Boeing (BA) experienced a slide of over 1% and remains extended from the 243.10 buy point of a cup base. The aerospace and defense stock was the biggest loser on the Dow in today's trading.

Outside of the Dow, JD.com (JD), a Chinese e-commerce giant, saw its shares rise by 3% following reports of significant salary increases planned for 2024. In contrast, GigaCloud Technologies (GCT), an IBD 50 stock, reversed its gains and saw a decline of nearly 3% after reaching a 52-week high earlier in the day. Tidewater (TDW), also an IBD 50 stock, pulled back by 4% after hitting a 52-week high on Wednesday.

ELF Beauty (ELF), an IBD 50 cosmetics and skin care stock, advanced 0.6% and is currently in the buy zone of a cup base with a buy point of 139.85.

Overall, the stock market persisted with modest gains, led by the Dow Jones' continued rise to new highs.