Obama’s One Percent Problem: Wall Street Scores While Main Street Suffers, Dow Within 100 Points of All-Time High

Photo Credit: YoTuTStocks soared for a second day to finish near session highs Wednesday, with the Dow within less than 100 points of an all-time closing high, boosted by upbeat earnings and economic reports and as Fed Chairman Ben Bernanke reaffirmed his support of the central bank’s stimulus policy.

“It would not be shocking to see a final push through, but I want to point out that seasonality is not necessarily on our side, which keeps us from going pedal to the medal,” said Josh Brown, financial advisor at Fusion Analytics. “We had a very similar market environment in early 2011 and last year. So it would not shock me to see a sprint close to the highs of the year, have our typical pullback, and when people realize that sequestration is not the end of the world, we could resume. That would be a better moment to load on new longs.”

The Dow Jones Industrial Average soared 175.24 points, or 1.26 percent, to close at 14,075.37, propelled by JPMorgan and Caterpillar. The Dow is now less than 100 points from hitting its all-time closing high of 14,164.53.

The S&P 500 jumped 19.05 points, or 1.27 percent, to finish at 1,515.99. And the Nasdaq advanced 32.61 points, or 1.04 percent, to end at 3,162.26.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, tumbled below 15. All 10 key S&P sectors finished firmly in positive territory, led by materials and industrials.

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