Dow ends above 26,000 for first time as stocks rally broadly
U.S. stocks closed higher on Wednesday, with major indexes ending at records and the Dow closing above 26,000 for the first time as equities jumped in a broad advance. The Dow Jones Industrial Average rose 324 points, or 1.3%, to 26,117. The S&P 500 advanced 26 points, or 0.9%, to 2,803. The Nasdaq Composite Index closed up by 75 points, or 1%, to 7,298. All three closed at records. The day's gains were broad, with all 11 of the S&P 500's primary sectors ending higher, although technology shares were the biggest gainers of the day, up 1.5%. Positive sentiment was supported after the Beige Book from the Federal Reserve portrayed an economy that is steadily growing, although opinion on the latest tax reform was mixed. Among the day's most active movers, both Bank of America and Goldman Sachs fell after reporting their quarterly results. Bank of America lost 0.2% while Goldman lost 1.9%. On the upside, International Business Machines Corp. rose 2.8% after Barclays upgraded the stock to overweight from underweight.