Dow Continues Historic Run

Updated from 4:17 p.m. EDT

The Dow Jones Industrial Average continued to rewrite the record book, hitting another all-time closing high Thursday and finishing above 11,900 for the first time ever.

After leaping out of the gate, the Dow ended up by 95.57 points, or 0.81%, to 11,947.70. Of the 30 stocks on the index, 21 finished the session in positive territory.

Gains in McDonald's (MCD Quote), Microsoft (MSFT Quote) and Hewlett-Packard (HPQ Quote) were the driving force behind the advance.

Meanwhile, Citigroup (C Quote) and Alcoa (AA Quote) were the main laggards, but both were down less than 1%.

Elsewhere, the S&P 500 rose 12.88 points, or 0.95%, to 1362.83, and the Nasdaq Composite was higher by 37.91 points, or 1.64%, at 2346.18.

Volume was little changed from Wednesday's levels, but breadth drastically improved. About 2.54 billion shares changed hands on the New York Stock Exchange, and volume on the Nasdaq was roughly 2.04 billion shares. Winners beat losers 3 to 1.

Markets moved to their session highs after the Federal Reserve's beige book indicated that "economic activity continued to expand" since the last report in September. For the most part, the survey suggested that the economy wasn't growing at a pace that would be considered too robust.

A number of the Fed's 12 districts said consumer spending increased, and most regions "reported few signs of increased price pressures in recent weeks." Nearly all districts reported that housing market conditions continued to soften.

"The key across the board is moderation, which is what the market loves to see," said Jay Suskind, head of institutional equity trading with Ryan Beck & Co. "Activity wasn't too hot or too cold. The market has been strong all day, but this beige book has given it a further push."

To view Farnoosh Torabi's video take on today's market, click here