Dow Jones, S&P 500 Set New Highs as Warning Signs Multiply

Large-cap stocks notched another new record high on Thursday, pushing theS&P 500 up another 0.2% for its 25th consecutive day above its five-day moving average since the Oct. 15 market low. Meanwhile, the Dow Jones Industrial Average ticked up 0.2% to hit its own new all-time high.

Investors were excited by the surprise dividend hike at Intel Corporation (INTC), pushing the Dow Jones component up more than 4%, as well as a surge in the Philadelphia Fed’s manufacturing outlook to the best level since December 1993. That was enough to overcome overnight weakness led by disappointing factory activity metrics out of Europe and Asia.

In corporate news, Best Buy Co Inc (BBY) jumped nearly 7% on solid third-quarter results featuring healthy growth in margins, profits, and revenues. Two popular stocks, camera-on-a-stick maker GoPro Inc (GPRO) and coffee-in-a-pod maker Keurig Green Mountain Inc (GMCR), fell 9.3% and 7.4% respectively. GPRO is dogged by insider selling while GMCR disappointed investors with weak forward guidance.

The historically powerful and persistent rally seems unstoppable now, headed for the all-time record of 27 days set in March 1986. Long live the uptrend.  More