Dow Closes Above 14,000 for First Time

Updated from 4:16 p.m. EDT

A series of solid earnings reports supported a rebound in the U.S. market Thursday, and both the Dow Jones Industrial Average and the S&P 500 closed at record highs.

The Dow finished above 14,000 for the first time ever, rising 82.19 points, or 0.59%, to 14,000.41. The S&P 500 was up 6.91 points, or 0.45%, at 1553.08, and the Nasdaq was ahead by 20.55 points, or 0.76%, to 2720.04, its best level in more than six years.

Art Hogan, chief market analyst with Jefferies, said that finishing above 14,000 on the Dow is "not necessarily a breakthrough in technical terms, although it's an important psychological one.

"Now we'll have to see if we can hold on to these gains to end the week," he continued. "The important thing about passing this milestone is that it reminds us that we've had a really good year. It also serves as a great reminder that perhaps it's time for investors to reassess their positions."

About 3.26 billion shares changed hands on the New York Stock Exchange, as advancers beat decliners by a 5-to-3 margin. Volume on the Nasdaq reached 2.24 billion shares, with winners outpacing losers 3 to 2.

The major indices fell to session lows after the 2 p.m. EDT release of the minutes from the Federal Open Market Committee's June meeting before rebounding.