Upbeat company earnings lifted U.S. and European stock prices on Wednesday, with the Dow and S&P 500 setting record highs, while the dollar reached a four-month peak on bets the U.S. Federal Reserve may raise interest rates by year-end.
The impressive run in major equity markets around the globe led investors to reduce their safe-haven positions in U.S. and German government debt, sending their yields higher.
Oil prices recovered from a two-month low after U.S. data showed a further drawdown in crude inventories, reducing worries about a domestic supply glut.
"The market has been rallying on the expectation of good earnings with some companies even providing decent forecasts," said Thomas Wilson, managing director of wealth advisory at Brinker Capital in Berwyn, Pennsylvania.
The Dow Jones industrial average .DJI unofficially closed up 36.02 points, or 0.19 percent, at 18,595.03, the S&P 500 .SPX ended up 9.24 points, or 0.43 percent, at 2,173.02 and the Nasdaq Composite .IXIC finished 53.56 points, or 1.06 percent, higher at 5,089.93.
The Dow and S&P 500 reached intraday record highs at 18,622.01 and 2,175.63, respectively, while Nasdaq touched its highest since Dec. 30.
Microsoft (MSFT.O) and Morgan Stanley (MS.N) were the latest U.S. companies whose quarterly results topped analyst estimates. Microsoft shares rose 5.3 percent while Morgan Stanley stock gained 2.1 percent.
Reference: Reuters
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