Dow Jones closes at all-time high

Associated Press

NEW YORK

The Dow Jones industrial average closed at an all-time high Wednesday as the good narrowly outweighed the bad for the stock market.

After investors took in some solid U.S. company earnings, the latest move from the Federal Reserve and a report of unexpectedly weak economic growth in the first quarter, the stock market managed its third- straight day of gains.

The Dow Jones industrial average rose 45.47 points, or 0.3 percent, to 16,580.84, 4 points above its previous record set Dec. 31. It was the first day the index closed in positive territory for the year.

The Standard & Poor’s 500 index rose 5.62 points, or 0.3 percent, to 1,883.95. The Nasdaq composite rose 11.01 points, or 0.3 percent, to 4,114.56.

Stocks started the day lower after the Commerce Department said U.S. growth slowed to a barely discernible 0.1 percent annual rate in the January-March quarter, less than 1.1 percent forecast by economists, according to FactSet. Winter storms chilled activity.

The market’s reaction was muted because most investors expect the slowdown to be temporary and growth to rebound with warmer weather.

“Most people, including us, expected March to have been the strongest month of the first quarter” and that growth will continue to pick up, said Sean Lynch, global investment strategist for Wells Fargo Private Bank. “That’s an OK environment for the market.”