U.S. stocks rallied into the close, with the Dow and S&P 500 ending the day at records amid encouraging economic reports on Wednesday. Earlier, stocks held modest gains on the release of the Federal Reserve’s Beige Book that said the economy continues to expand.
“It’s certainly one of the most bullish reports I’ve heard,” said Jack Ablin, chief investment officer at BMO Private Bank. “The outlook for the economy is better than investors feared.”
“Our economy has gotten out of the slow, steady growth phase,” said Marc Chaikin of Chaikin Analytics, who believes that the stock market will continue to rise into the year’s end as money managers realize their holdings have underperformed benchmarks.
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