Stocks Climb, Sending Dow To Another Record

The Dow Jones industrial average rose 40 points to a record intraday high, with Boeing contributing the most gains and Goldman Sachs the most losses.

Stocks rose as investors waited for day two of Federal Reserve chief Janet Yellen's testimony to Congress. Phone companies and utilities were among the laggards. The Nasdaq Composite (INDEXNASDAQ:.IXIC) closed up 67.87 points, or 1.10% to 6,261.17, with shares of Paypal Holdings Inc (NASDAQ:PYPL) hitting a record high.

Banks and tech helped spur stocks higher, with JPMorgan (JPM) kicking off earnings season for financials Friday morning. The S&P 500 was up 0.9% and the Dow Jones industrial average held a 0.6% gain.

The Nasdaq is up 121.36 points, or 2 percent. Small caps posted a weak session, with Russell 2000 futures ending only slightly below the break-even line.

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S&P 500 measures the performance of 500 widely held common stocks of large-cap US companies.

The Dow is up 1,790.49 points, or 9.1 percent.

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