The Wall Street Journal reports, "the S&P 500 clinched an all-time high Thursday for the first time in six weeks as stocks rallied on the heels of the Federal Reserve chief's testimony to Congress.
The S&P 500 gained 9.13 points, or 0.5%, to 1854.29, ending near the session's high and firmly above the former closing high of 1848.38, notched on Jan. 15. Thursday was the fourth day in a row that the S&P 500 made a run at a record close, but the index failed to hold its gains in the previous three.
Gains wiped away all of 2014's early weakness for the index, sending the S&P 500 up 0.3% this year".
After hitting its Jan. 15 record, the S&P 500 abruptly fell 5.8% over jitters about emerging-market growth. But stocks have bounced back despite a string of disappointing U.S. economic data, which many economists have chalked up to poor weather.
Traders said much of Thursday's action was concentrated in single stocks, with little new information hitting the market to reshape investors' views. As in recent days, activity was driven in large part by short-term players waiting to see if the S&P can hold all-time closing highs before buying or selling.
In testimony before Senate lawmakers on Thursday, Fed Chairwoman Janet Yellenacknowledged recent "soft data," noting the harsh weather has played a role. She said the central bank could reconsider the reduction of its monthly bond purchases if its economic outlook changes significantly.
Thursday's gains were broad, with technology and materials stocks helping drive eight of the S&P 500's 10 sectors higher. The Dow Jones Industrial Average gained 74.24 points, or 0.5%, to 16272.65 and the Nasdaq Composite Index advanced 26.87 points, or 0.6%, to 4318.93.
