The U.S. stock market surged toward new records on Thursday, bolstered by robust corporate earnings that exceeded analyst expectations, particularly from tech giant Cisco Systems.

The S&P 500 advanced 0.9%, building on its previous all-time high, while the Dow Jones Industrial Average climbed 386 points, or 0.8%, positioning it to close above the 50,000 mark for the first time since the war with Iran commenced.

The Nasdaq composite also saw a 1% rise, extending its own record by late morning Eastern time.

Cisco Systems played a significant role in the market's ascent, with its shares jumping 15.5% in what could be its strongest single-day performance in nearly 15 years.

The tech firm reported better-than-anticipated profit and revenue for its latest quarter, with CEO Chuck Robbins noting "very strong, broad-based demand for our products."

This performance, coupled with a current-quarter profit forecast that easily surpassed analyst predictions, underscored the ongoing impact of artificial intelligence…