Stocks climbed as data showing the world’s largest economy is strengthening overshadowed inflation worries, with investors awaiting Friday’s jobs report. The dollar retreated.

The S&P 500 closed near session highs, while the Dow Jones Industrial Average rose to a record. China’s shares traded in New York briefly extended losses after Bloomberg News reported the Biden administration is likely to preserve limits on U.S. investments in certain companies from the Asian nation. In late trading, Beyond Meat Inc. slumped as the maker of plant-based protein products reported disappointing sales, and Peloton Interactive Inc. whipsawed as investors assessed its results.

Read: Fed Says Asset Prices May Be Vulnerable If Risk Appetite Falls

Applications for U.S. state unemployment insurance fell last week to a fresh pandemic low as labor-market conditions continued to improve and the economy reopened more…

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