Major U.S. Markets Close Higher, S&P 500 in Record Terrain

TheStreet

All the major U.S. markets closed higher on upbeat economic reports on housing and manufacturing. The Dow Jones Industrial is back above 17,000. The S&P 500 hit a record close. The stock market rally is expected to continue on Friday when Federal Reserve Chair Janet Yellen gives her much anticipated speech in Jackson Hole, Wyoming. Kevin Cummins, U.S. economist at UBS, expects to hear a 'dovish tone' from her but 'still thinks that she's unlikely to show her cards' on monetary policy. JPMorgan Chase (JPM) and Intel (INTC) were the blue chip's biggest gainers. Ebay (EBAY) shares rallied on speculation it was planning to spin off PayPal. The earnings march goes on with women's retailer and parent company of Ann Taylor (ANN) reporting Friday along with Foot Locker (FL) and the Royal Bank of Canada (RY).