Dow Continues Historic Run

After the beige book's release, Treasuries rose, with the 10-year note adding 4/32 in price to yield 4.77%. The 30-year bond was up 1/32 and yielding 4.90%.

The market's upswing was more than erasing the minor selloff from Wednesday that was spurred by disappointing results from Alcoa and Genentech (DNA Quote). As a result, the Dow lost 15.04 points to 11,852.13, and the S&P slipped 3.47 points to 1349.95. The Nasdaq shed 7.16 points to 2308.27.

Another set of profit reports was producing better results this time around. Among the companies with results, warehouse retailer Costco (COST Quote) topped estimates, as did motorcycle maker Harley-Davidson (HOG Quote).

Costco finished the session 7.6% higher to $53.90 and was one of the best performers on the Nasdaq. Harley gained $1.73, or 2.7%, to $64.88.

PepsiCo (PEP Quote) also got past estimates, and the soda and snack maker offered a profit forecast that was in line with expectations. Still, PepsiCo was lower by $1.01, or 1.6%, to close at $62.85.

After the bell Wednesday, Yum! Brands (YUM Quote) posted a 20% rise in third-quarter profits and handily topped Wall Street's earnings expectations. The owner of KFC, Taco Bell and Pizza Hut also raised its full-year forecast. Shares of Yum! were higher $4.51, or 8.3%, to $59.08.

Outside of earnings, real estate concern CB Richard Ellis Group (CBG Quote) saw buying interest after Standard & Poor's said it will replace BellSouth (BLS Quote) in the S&P 500. BellSouth is being acquired by AT&T (T Quote). CB Richard Ellis was up $1.76, or 7.3%, to $25.99.