(CNBC) — The Nasdaq composite led U.S. stocks to a higher close Wednesday as better-than-expected earnings boosted optimism on Wall Street.
The Dow Jones industrial average closed at a record high for the seventh day in a row, with nine consecutive days of gains for the first time since 2013. Microsoft added the most to gains. The S&P 500 closed higher as technology and health care led six sectors in the green. The Nasdaq composite closed higher, helped by a 2 percent gain in biotech.
"We're seeing a strong rotation out of the previous winners," said Paul Schatz, president and chief investment officer at Heritage Capital. "The defensive trade is definitely off."
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