The S&P 500 and the Dow hit all-time highs on Thursday as worries about rising inflation subsided, while a bigger-than-expected fall in weekly jobless claims and the signing of a massive stimulus bill reinforced expectations of a strong recovery. Mega-cap stocks Microsoft Corp, Apple Inc, Facebook Inc and Amazon.com Inc led the rally, recouping losses from a recent pullback and helping the benchmark S&P 500 surpass its Feb. 16 peak of 3,950.43. The blue-chip Dow scaled a new record for the fourth straight session, while the tech-heavy Nasdaq is now less than 5% below its Feb. 12 peak after slumping over 10% to confirm a correction at the beginning of this week.