Dow, S&P extend record-high streak
A trader on the floor of the New York Stock Exchange wears a hat embroidered with 15,000 at the end of the trading day on Tuesday. The Dow Jones industrial average closed above 15,000 for the first time ever Tuesday, driven by optimism that the U.S. economy will keep gaining momentum. (May 7, 2013) Credit: Getty Images
U.S. stocks rose Wednesday, with the Standard & Poor's 500 index extending record gains into a fifth session, after companies including Electronic Arts Inc. projected earnings that beat analysts' estimates.
A day after closing above 15,000 for the first time, the Dow Jones industrial average added 48.92 points to hit 15,105.12, its second straight record close.
Closing with a fifth consecutive record, the S&P 500 index gained 0.41 percent to 1,632.69.
Materials and technology fed sector gains, while utilities led losses among the S&P 500's 10 major industry groups.
"The baton seems to be getting passed from defensive names like utilities to consumer discretionary, industrial and energy names," noted Dave Gedeon, managing director at Nasdaq OMX Global Indexes.
Friday's nonfarm payrolls report for April, which relayed a better-than-expected increase of 165,000 jobs, combined with rising home values, "continue to add to market confidence that economic conditions are improving," Gedeon said.
Electronic Arts rallied 17 percent. Whole Foods Market Inc. jumped 10 percent after the upscale grocer raised its full-year profit forecast.
The Nasdaq composite advanced 0.49 percent to 3,413.27. -- MCT
