* US weekly jobless claims unchanged

* Semiconductor index hits fresh record high

* Indexes up: Dow 0.35%, S&P 1.08%, Nasdaq 1.64%

March 7 (Reuters) - Wall Street's main indexes climbed on Thursday, with the S&P 500 and Nasdaq both hitting intraday record highs with support from technology and growth stocks and investor optimism about prospects for rate cuts from the Federal Reserve.

In particular, the Philadelphia Semiconductor index outperformed the broader market and hit a record high. The top percentage gainer was ON Semiconductor, up 7.8%.

Fed Chair Jerome Powell said the U.S. central bank is "not far" from being confident that inflation is declining toward the 2% target, which would make rate cuts possible.

His comments reinforced investor hopes for a first rate cut in June, boosting equity indexes that had faltered in the days leading up to the testimony.

Also the number of Americans filing new claims for unemployment benefits was unchanged as the labor market continued to ease, Labor Department data showed.

This followed private payrolls, job openings, quit rate and unemployment claims data that gave investors a picture of a jobs market that was softening but still solid.

Powell "essentially left rate cuts on the table for this year. That's what markets wanted to hear," said Anthony Saglimbene, Chief Market Strategist, Ameriprise Financial.

"The market's also responding well to the employment data we've had so far this week," he said. "It adds to the narrative that we're starting to see employment slow but still solid."

But Saglimbene noted investors will still anxiously monitor the nonfarm payrolls report on Friday for further details on the labor market.

Chris Larkin, managing director for trading and investing at E*TRADE from Morgan Stanley said "sentiment could evaporate quickly if tomorrow's monthly jobs report fails to point in the same direction" as earlier data.

Also on Thursday, Fed Governor Michelle Bowman said the U.S. economy is not at the point where the central bank should reduce interest rates.

At 02:30 p.m. the Dow Jones Industrial Average rose 135.11 points, or 0.35% , to 38,796.75, the S&P 500 gained 54.88 points, or 1.08%, to 5,159.64 and the Nasdaq Composite gained 263.68 points, or 1.64%, to 16,295.22.

Nine the 11 major S&P 500 sectors rose, with communications services and information technology stocks jostling for position as the biggest gainer. Tech last had the lead with a 2% gain while communications services was up 1.9%.

Megacap growth stocks were major contributors to index gains including social media company Meta, up 3.3%, and AI chip darling Nvidia, which was up 4%.

Lingerie maker Victoria's Secret & Co was down 31.3% on a weak annual forecast.

Leading the S&P 500 gains was Kroger Co, up 9.7%. The grocer had forecast annual sales and profit largely above Wall Street estimates as it bet on higher demand for groceries at its stores, tighter cost control and strength in its private-label brands.

Advancing issues outnumbered decliners by a 2.84-to-1 ratio on the NYSE where there were 654 new highs and 44 new lows.

On the Nasdaq 2,565 stocks rose and 1,648 fell as advancing issues outnumbered decliners by about a 1.56-to-1 ratio. It recorded 314 new highs and 80 new lows.

The S&P 500 posted 77 new 52-week highs and one new low. (Reporting by Bansari Mayur Kamdar and Amruta Khandekar in Bengaluru; Editing by Maju Samuel and David Gregorio)