U.S. stocks rose sharply in choppy trading Thursday as the major indexes extended their current winning streak to five days. The move higher took place despite interest rates reaching multi-year highs.

The Dow Jones industrial average closed 306.88 points higher at 25,200.37, with Boeing as the biggest contributor of gains. The 30-stock index traded down 84 points at its session low.

The gained 1.2 percent to finish at 2,731.20, with utilities and tech as the best-performing sectors. The broad index was also on pace for its best weekly gain since 2013.

The Nasdaq composite rose 1.6 percent to 7,256.43 after falling as much as 0.2 percent. Gains in Amazon, Netflix and Alphabet helped lift the tech-heavy index higher. The Nasdaq was also on track for its best week since 2011.

Both the Dow and S&P 500 also broke above their 50-day moving averages, two key technical levels.

The major averages all closed sharply higher on Wednesday, climbing back from the correction levels hit last week and notching a four-day winning streak.

"The volatility we saw in that correction is here to stay," said Maris Ogg, president at Tower Bridge Advisors. "We don't have the dampening mechanisms we had in previous years. ... But frankly, the path of least resistance is still up and fundamentals haven't really changed."