The Dow Jones Industrial Average closed above 34000 for the first time Thursday after strong earnings and upbeat economic data sent stocks climbing.
The S&P 500 also notched a record close, its 22nd of the year. A powerful rally has pushed both indexes up 11% in 2021, and many investors believe the rollout of Covid-19 vaccines and plentiful government spending mean stocks have room to keep rising.
Shares of big tech companies pushed indexes higher as the yield on the 10-year U.S. Treasury note recorded its largest one-day decline since November. Falling yields tend to boost technology stocks, which often trade at high prices partly because of expectations of growth far into the future. Apple shares gained 1.9%, while Microsoft shares rose 1.5%.
The blue-chip index advanced 305.10 points, or 0.9%, to 34035.99, its 20th record close of the year. The S&P 500 added 45.76 points, or 1.1%, to 4170.42. The Nasdaq Composite climbed 180.92 points, or 1.3%, to 14038.76, off 0.4% from its February record.
First-quarter earnings season kicked off in earnest this week, and on Thursday several big banks reported profits that exceeded forecasts. Analysts expect that earnings among companies in the S&P 500 jumped 30% in the first quarter from the same period a year earlier, according to FactSet.