Indexes fell Thursday on rising risks to oil supplies amid escalating Middle East tensions and as traders braced for Friday's labor market update.

Breakeven rates are a measure of what market participants expect average inflation to be over the next 5 or 10 years. As of Wednesday, the most recent day in which data is available from the St. Louis Fed, 5- and 10-year breakeven rates were respectively at 2.1% and 2.21%.

The Dow Jones Industrial Average rose 341 points, or 0.8%, to set its own record, while the Nasdaq composite clambered 1.2% higher. Leading the way were banks, airlines, cruise-ship operators and other companies whose profits can benefit the most from a stronger economy where people are working and better able to pay for things.