Stock Market Today: S&P Closes Above 2,000 for Second Day
NEW YORK (TheStreet) -- After flitting in and out of positive territory throughout Wednesday's entire trading session, the S&P 500
Watch the video below to see how U.S. markets ended the trading day Wednesday:
The Dow Jones Industrial Average
Market-watchers are generally convinced that equities will continue to grind higher thanks to the reassurances of more years of ultra-low interest rates in the U.S., accommodative policy in Europe, and improving corporate performances with help from the Federal Reserve. Stocks, though, also are rising increasingly on their own merits.
"Earnings are just getting better," said Karyn Cavanaugh, senior market strategist with Voya Investment Management. "The Fed has helped, but companies going out there and growing their profits has been the catalyst for the market."
Read More: 10 Most Comfortable Cars Under $30,000
Historical market statistics suggest a general trend higher after major psychological and technical breakthroughs are achieved. Chad Gassaway, an equities trader at Grace Trading, recently posted his study showing that the S&P 500 was, on average, positive almost 79% of the time two weeks after its first close above a big round number, 89% of the time three months after, and 82% of the time one year later.
With the S&P also just coming off a 4% pullback, Raymond James' chief investment strategist Jeffrey Saut added that the average gain following at least a 4% pullback since the last 10% correction in 2012 has been 12.13%. As of Tuesday's high, the market has rallied only about 5%.
"We may still have some room to run if history decides to rhyme this time," said Saut.
Companies grabbing the headlines Wednesday include Tiffany
In commodities trades, the United States Oil Fund LP ETF
--By Andrea Tse in New York