Stock Market Today: S&P Notches Yet Another Record Performance

NEW YORK (TheStreet) -- The heated debate between inflation hawks and doves is about to amp up a couple of notches as Federal Reserve Chair Janet Yellen gets her own forum to broadcast her economic views on Friday.

U.S. stocks settled on a firm note Thursday, with the S&P 500 sitting at a new record as investors anticipate Yellen's speech on Friday at the annual gathering of central bankers in Jackson Hole, Wyo. The event kicks off on Thursday and ends on Saturday.

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"The market is putting in another good performance," said Peter Cardillo, chief market economist at Rockwell Capital. "But from a technical perspective, it might be getting a bit ahead of itself, so we could be nearing a technical pullback as the S&P approaches the 2,000 level."

Markets had been building on Wednesday's gains, brushing off the central bank's release of what was thought by many to be a more-hawkish-than-expected set of July meeting minutes. Stocks were able to sustain the momentum of the past six days, mostly on expectations that Yellen will emphasize the importance of sticking to an accommodative interest rate policy. Economists expect that she'll say it's not necessary right now to expedite the reversal of monetary policy, as inflation appears to be easing and wage growth remains muted.

The Dow Jones Industrial Average rose 0.36% to 17,039.49. The S&P 500 advanced 0.29% to 1,992.37. The Nasdaq gained 0.12% to 4,532.10.

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