Solid earnings reports Thursday drove the stock market to another record high.
Stocks rose from the start of trading after JPMorgan Chase released results that were better than analysts expected. Companies are expected to report earnings dropped again in the April-June period, but a few big ones that have released numbers so far have beaten low expectations, encouraging investors.
The gains were broad, with nine of the 10 industry sectors of the Standard and Poor’s 500 index showing gains. Banks rose the most, 0.9 percent.
“It’s really early in earnings season, but so far so good,” said Brad Sorensen, director of the Schwab Center for Financial Research. He added, “Optimism is starting to creep into the market.”
Investors pulled money out of conservative assets such as gold and Treasury bonds, sending yields on the bonds sharply higher.
The Dow Jones industrial average rose 134.29 points, or 0.7 percent, to 18,506.41. The S&P 500 gained 11.32 points, or 0.5 percent, to 2,163.75. The Nasdaq composite increased 28.33 points, or 0.6 percent, to 5,034.06.
The Dow and S&P 500 remain at record highs, but the Nasdaq is barely positive for the year.