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After several near misses, stocks reach a record

February 27, 2014 • Business


FILE – In this Wednesday, Feb. 26, 2014, file photo, Trader Christopher Forbes, center, works on the floor of the New York Stock Exchange. The stock market is little changed as investors pick over more earnings reports from retailers and other U.S. companies. (AP Photo/Richard Drew, File)

NEW YORK (AP) — After coming close all week, the stock market reached an all-time high Thursday.

The Standard & Poor’s 500 index had moved above its previous record many times this week, only to fade in the afternoon. On Thursday, it finally closed above the milestone, powered by strong earnings from a number of U.S. companies including the drugmaker Mylan and several retailers.

The stock market has staged an impressive turnaround in February. It slumped at the start of the year on concerns about the prospects for growth in China and the U.S. This month, buyers came back to the market thanks to growth in corporate earnings and optimism that the Federal Reserve will keep supporting the economy.

“In the last few days we’ve flirted with it, and now we’ve got the new high,” said Ryan Detrick, a senior technical strategist at Schaeffer’s Investment Research.

The timing of the record, just Login to read more

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