The Standard & Poor's 500 closed Thursday above 1,500 for the first time since September 2000.

The broader index rose 6.04 points, or 0.4 percent to end at 1501.96, about 25 points away from its record high of 1,527.46, set on March 24, 2000.

The index briefly touched 1,500 in the early trading while the Dow Jones industrial average and Nasdaq composite index edged up on slowed worker productivity.

However, the index was traded over 1,500 later in the day as the more positive economic reports came out.

The Labor Department said Thursday that productivity increased at an annual rate of 1.7 percent in the first quarter, less than an increase of 2.1 percent seen in the fourth quarter.

Wages also slowed as unit labor costs rose at a 0.6 percent rate. In the fourth quarter, the increase had been 6.2 percent, fueled in part by year-end bonuses.

The Institute for Supply Management reported that the service sector expanded at a faster rate in April.

Meanwhile, the U.S. government reported that the number of Americans filing claims for unemployment benefits fell by 21,000 last week to 305,000, the lowest level since mid-January.

The rise of the S&P 500 came a week late after the Dow Jones industrial average passed 13,000 for the first time.

On Thursday, the Dow Jones average was up 29.90 points, or 0.23percent, at 13,241.78. The Nasdaq Composite Index was up 7.62 points, or 0.30 percent, at 2,565.46.