(CNBC-TV) U.S. stocks climbed on Thursday, propelling the S&P 500 to a record close, after Federal Reserve Chair Janet Yellen said the central bank would probably continue tapering its asset purchases while tracking data to figure how much recent softness in the economy is due to the weather.
"Reduced tapering would be very negative to the market. We made a change in December to good news is good news," said Randy Frederick, managing director of active trading and derivatives at Charles Schwab.
For technical traders, "when you break through resistance which has taken a long time to get through, resistance becomes support," said Frederick of the S&P closing above 1,848.38, its prior closing high, set on Jan.15.
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