Stocks were in rally mode Thursday as all three of the major indexes jumped to new all-time closing highs.
The Dow Jones industrial average jumped 118 points, or 0.6%, to 20,172.40.
Up by the same percentage were the S&P 500 and the Nasdaq composite — to their new highs of 2307.87 and 5715.18, respectively.
Investors weighed earnings from a batch of companies, including Twitter, Kellogg and Viacom. Energy stocks led the gainers as the price of crude oil headed higher. Utilities were down the most.
Benchmark U.S. crude gained 66 cents, or 1.3%, to $53.00 a barrel in electronic trading on the New York Mercantile Exchange, while Brent crude, the benchmark for international oil prices, added 40 cents to $55.52 a barrel.
In earnings news:
After yesterday’s down day on earnings worries, U.S. stocks closed mixed to slightly higher Wednesday as traders reacted to the release of the minutes of last month’s Federal Reserve meeting, which suggested an interest rate hike is coming “relatively soon.”
Most investors say the Fed minutes, which noted that it was a “close call” to hold off on rate hikes at the September meeting, suggests the Fed is still on track for a December rate hike if economic data, including the labor market, continues to come in strong. That message jibes with futures markets, which continues to price in a nearly 70% chance of a hike at the December meeting.
The Dow Jones industrial average rose 15.54 points, or 0.1%, to 18,144.20. The broad Standard & Poor’s 500 stock index gained 2.45, or 0.1%, to 2139.18 and the Nasdaq fell 7.77, or 0.2%, to 5239.02.
A poor start to the third-quarter earnings season Tuesday got Wall Street’s attention. A miss from aluminum maker Alcoa knocked the Dow down 200 points and raised concerns that the hoped-for profit rebound won’t materialize in the July-thru-September quarter. With just 27 companies in the S&P 500 having reported results so far, earnings are seen contracting 0.7%, according to earnings-tracker Thomson Reuters, putting earnings on track for their fifth straight quarter of negative growth.