S&P 500 Posts Record High After U.S. Reopens

NEW YORK ( TheStreet) -- U.S. markets moved higher Thursday to post an all-time high as investor relief that lawmakers avoided a default on the country's debt combined with prospects that the Federal Reserve is unlikely to curtail its stimulus program after a weaker-than-expected national jobs  report.

The S&P 500 gained 0.67% to close at 1,733.15, also eclipsing the benchmark's record intra-day high of 1,729. T he Dow Jones Industrial Average slipped 0.01% to 15,371.65. The Nasdaq rose 0.62% to 3,863.15.

President Obama signed legislation just past midnight that raises the debt ceiling through February 7 and secures funding to keep the government open until January 15. Anything past that date will require an agreement between the two parties.

"The market shrugged off the debt ceiling and it got it right," said Sandy Villere, co-portfolio manager of the Villere & Co Balanced and Equity funds. Investors, he said, would do well to remain invested in equities for as long as interest rates remain low.  "They've been stints of weakness but we're playing the offensive rather than the defensive."

IBM (IBM)was a leading laggard on the Dow, dropping 6.5% to $174.61 after the tech firm missed expectations - its third quarter revenue falling 4 percent to $23.7 billion.

Goldman Sachs (GS)fell 2.4% to $158.31 as the bank announced a 20 percent drop in revenue. A slump in its fixed-income revenues, which dropped 44%, was the main drag.

On the flipside, the second-largest gold miner Newmont Mining (NEM)rose 4.7% as precious metals gained. Gold surged 3.2% to settle at $1,323.

If you liked this article you might like

Why Alex Rodriguez Is Investing in Billionaires Warren Buffett and Jeff Bezos

Former NY Yankees Slugger Alex Rodriguez Reveals One Juicy Investment Tip

Why I Love Apple, Alphabet, Nvidia and These Other Stocks for September

Have Amazon, Google, Apple and Sony Flooded the Smart Speaker Market?