Another Day, Another Couple of Record Highs on Wall Street
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iStock/Thinkstock(NEW YORK) — For the second straight day the Dow Jones Industrial Average and the S&P 500 soared to new record heights.
The S&P 500 Thursday posted its 35th record close this year at 1,790.62. The Dow posted its 37th record close for the year, up 54.59 at 15,876.22.
The industrials managed to reach record heights despite an awful performance Thursday by Dow component Cisco. The tech company dropped nearly 11 percent Thursday after forecasting a steep drop in revenue.
The main catalyst for Thursday’s gains: the news out of Washington in the Janet Yellen confirmation hearing that the Federal Reserve is going to keep pumping stimulus into the system until the economy is strong enough to stand on its own two feet. She reiterated that the Fed needs to see stronger job creation and stronger growth before it pulls back to a more normal set of monetary policy guidelines.
The Dow this year is now up 21 percent, the S&P 500 up 25.5 percent, and the Nasdaq Composite up 31.5 percent.
And checking back in on Twitter (TWTR), Thursday the microblogging site closed a penny ($0.01) above its first trade price. Thursday, Twitter closed at $45.11. Last Thursday, on the day of its IPO, it opened at $45.10. The stock is bouncing around the $45 level in after-hours trading.
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