NEW YORK, Dec. 24 (Xinhua) — Wall Street settled at year high on Thursday due to upbeat reports on the labor market and durable goods orders.

The U.S. Commerce Department said Thursday orders excluding transportation surged 2.0 percent in November after falling 0.7 percent the previous month, beating market expectations for a 1.0 percent rise.

The U.S. Labor Department’s report showed initial claims for state unemployment benefits fell by 28,000 to a seasonally adjusted 452,000 last week. That was the lowest tally since early September 2008 and below market expectations for 470,000 new claims.

The Dow Jones average rose 53.66, or 0.51 percent to 10,520. 10. The S&P 500 index was up 5.89, or 0.53 percent, to 1,126.48. The Nasdaq rose 16.05, or 0.71 percent, to 2,285.69.