February 27, 2014 -- 4:15 p.m. - 02/27/14
Stocks gained on Thursday's session. The Dow was up 74 points to 16272. The S&P 500 advanced 9 points to close at an all-time high of 1854. The NASDAQ was 27 points higher at 4318.
The major averages finished in positive territory following comments by Fed Chair Janet Yellen. In her testimony before the Senate, Yellen said central bank would continue tapering its asset purchases while monitoring the data to determine the impact of the winter weather on the economy.
Stocks were little changed in early trading after updates on manufacturing and the labor market. Before the open, a report showed durable goods orders declined 1% in January, less than a projected 1.7% decline. In a separate release, weekly jobless claims increased more-than-expected to 348,000.
Eight of 10 sectors were higher with telecom and materials the best performing groups. Verizon climbed 2.5% to $47.50. Coal producer CONSOL Energy gained 3.1% to $40.11. Retailers also provided a tailwind to the market. J.C. Penney rallied 25.3% to $7.47 after posting its first quarterly profit in more than two years. Kohl's was up 2.4% to $55.74 after posting results above projections. Utilities were the worst performing sector on the session. Shares of Duke Energy declined 0.6% to $70.43.
Breadth was positive on issues by 2-1 on the NYSE and 9-5 on the NASDAQ.
Composite volume on the NYSE totaled 3.5 billion shares. Treasuries rose with the 10-year note up 6/32 to yield 2.64%.
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.