S&P closes at record high

The S&P 500 set an all-time high yesterday for the first time in six weeks as stocks rallied on the heels of the Federal Reserve chief's testimony to Congress, according to the Wall Street Journal.

The S&P 500 gained 9.13 points, or 0.5 percent, to 1854.29, ending near the session's high and firmly above the former closing high of 1848.38, notched on Jan. 15. Feb. 27 was the fourth day in a row that the S&P 500 made a run at a record close, but the index failed to hold its gains in the previous three, the WSJ Market Data Group said.

After hitting its Jan. 15 record, the S&P 500 abruptly fell 5.8 percent over jitters about emerging-market growth. But stocks have bounced back despite a string of disappointing U.S. economic data, which economists have chalked up to poor weather.

"This has been a buy-the-dips market," Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, told WSJ. "The market rallied fairly quickly back, and in general, the equity market appears to be on a mission to go higher."

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