U-Turn: S&P 500 Turns Green, Hits Record High

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The S&P 500 turned positive in mid-day trading Wednesday, with broad-market barometer hitting a fresh all-time high.

Today's Markets

As of 2:00 p.m. ET, the Dow Jones Industrial Average rose 19.5 points, or 0.12%, to 15770, the S&P 500 advanced 7.6 points, or 0.43%, to 1775 and the Nasdaq Composite climbed 28.3 points, or 0.72%, to 3948.

With little in the way of economic data on the docket, traders had their sights set on corporate news. Starbucks (NASDAQ:SBUX) had to restate its fourth-quarter results as a result of damages resulting from a packaged coffee dispute with Kraft (NASDAQ:KRFT). IntercontinentalExchange (NYSE:ICE) and NYSE Euronext have also finalized their merger.

Macy’s (NYSE:M) revealed third-quarter earnings of 47 cents a share, on sales of $6.28 billion. Wall Street expected the retailer to earn 39 cents a share on revenues of $6.19 billion. Shares leaped more than 5% in pre-market action.  Cisco (NASDAQ:CSCO) reports after the close.

The S&P 500 hit fresh record highs, but not all market participants were bullish: "I don’t mean to sound cold myself but this rally is on shaky legs and it wouldn’t surprise me to see a little pullback here," Michael Block, chief strategist at Rhino Trading Partners.

Elsewhere, in commodities, U.S. crude oil futures rose 33 cents, or 0.35%, to $93.37 a barrel. Wholesale New York Harbor gasoline rallied 1.1% to $2.616 a gallon. Gold climbed $4.20, or 0.33%, to $1,275 a troy ounce.