Dow and S&P 500 indexes hit all-time highs

Stocks rose Wednesday, with the Dow climbing 60.44

Stocks rose Wednesday, with the Dow climbing 60.44 points to close at 15,275.69, as investors shrugged off a slowdown in manufacturing last month.. These Wall Street traders worked the floor last week as the markets reached record highs. (May 6, 2013) (Credit: Getty Images)

Investors nudged the stock market to all-time highs Wednesday despite a handful of disappointing economic reports.

Google's stock topped $900 for the first time after the company announced several upgrades to its Android software for smartphones, and Macy's rose after beating Wall Street's profit estimates. Apple fell, holding back the Nasdaq composite index.

Investors shrugged off a slowdown in manufacturing last month. More signs of slack in the U.S. economy, the thinking goes, means the Federal Reserve will keep pumping money into financial markets.

Terry Sandven, chief equity strategist at U.S. Bank's wealth management group, said most investors have come to expect choppy economic growth, so they take mildly disappointing reports in stride. With companies reporting rising earnings and few appealing alternatives, he sees no reason to sell stocks.

"It's a good backdrop for the market to trend higher," Sandven said.

The Dow Jones industrial average rose 60.44 points to close at 15,275.69. It had been down as much as 40 points in early trading.

The Standard & Poor's 500 index rose 0.51 percent 1,658.78. Both closed at all-time highs.The Nasdaq composite index rose 0.26 percent to 3,471.62.

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