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U.S. stocks: S&P 500 on pace for record close; Dow regains 17,000
NEW YORK (MarketWatch) — U.S. stocks advanced Thursday, with the S&P 500 logging its fourth straight daily gain and closing at a record high.

Reports on existing-home sales and manufacturing topped forecasts, and expectations of dovish notes in Friday’s speech from Federal Reserve Chairwoman Janet Yellen also boosted sentiment.

The S&P 500 SPX, +0.30% gained 5.86 points, or 0.3%, to finish at 1,992.37, topping its July 24 all-time closing high of 1,987.98 to set its 28th record close in 2014. During the session, the index hit an intraday record at 1,994.76. Read more: Why a new all-time high doesn’t mean a crash is due

The Dow Jones Industrial Average DJIA, +0.36% rose 60.43 points, or 0.4%, to 17,039.56, as the blue-chip index moved back above 17,000 and held about 0.5% below its July 16 record close. The Nasdaq Composite COMP, +0.12% rose 5.62 points, or 0.1%, to 4,532.10.

Today’s market-moving economic data: An August reading for the Philadelphia Fed index, a manufacturing gauge, came in at 28, besting forecasts for a reading of 18, and a manufacturing gauge from Markit also jumped. Meanwhile, sales of existing homes rose 2.4% in July to 5.15 million, above expectations, and initial weekly jobless claims came in basically in line with forecasts.

Thursday’s encouraging economic reports have provided a lift to U.S. stocks, said Kim Caughey Forrest, a portfolio manager and senior equity analyst at Fort Pitt Capital Group. The good news might have been bad news for the stock market, spurring worries the Fed could pull back sooner from its stimulus efforts, but the central bank has been offering “soothing words,” she told MarketWatch.

““It looks like regardless of how long the Fed hawks are talking, the doves are winning at this point,” Forrest said.

Investors further shrugged off the Fed minutes released Wednesday that showed some officials arguing the groundwork should be laid for raising interest rates sooner than expected. A hike is hardly imminent. http://www.marketwatch.com/story/us-stocks-futures-up-as-fed-china-given-the-brush-off-2014-08-21