(CNBC) — U.S. stocks climbed on Wednesday, again lifting the Dow industrials into uncharted terrain, with investor sentiment lifted by corporate earnings and deals.
"The market bias is upwards until there is a reason for investors to lose enthusiasm. At some point, you'd think the laws of Newtonian physics would apply, but we think valuations are full, not stretched," said Mark Luschini, chief investment strategist at Janney Montgomery Scott, of the bull market, which has the Dow and S&P 500 either in, or near, record highs on a near daily basis.
Equities maintained near session highs with the release of the Federal Reserve's Beige Book, which found the economy expanding at a modest to moderate pace, with consumer spending up in all of of the Fed's districts.
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