NEW YORK (MarketWatch) -- U.S. stocks rallied Thursday as a string of stronger-than-expected earnings reports led by McDonald's Corp., Costco Wholesale Corp. and Yum Brands Inc. propelled the Dow Jones Industrial Average to a fresh all-time high.
The Dow industrials rose 80 points to 11,932, just off an all-time high of 11,934.73 reached earlier in the session. Gains for McDonald's Boeing Co. Intel Corp. and Microsoft Corp. spurred the blue-chip advance.
Of the 30 Dow stocks, 24 contributed to gains.
The Nasdaq Composite Index gained 20 points to 2,328, while the S&P 500 Index climbed 9 points to 1,358.
"The catalyst is basically a slew of better-than-expected earnings in a market where there is already a lot of positive momentum" said Jim Paulsen, chief investment officer at Wells Capital Management.
The Biotech sector is up at this hour 0.1% (that's 1.10) to 1097.28.
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