The stock market swept aside sub-prime anxieties today to surge past the 14,000 mark; the 82.19-point run-up was fueled by strong results from IBM and Exxon Mobil. It was the 32nd record close for the Dow Jones Index this year, and—with just 58 trading days since the market broke 13,000—the second-fastest 1000-point leap in Dow history, the Wall Street Journal reports.
Stronger-than-expected corporate profits in the second quarter seem to be buoying confidence, analysts said. Jim Herrick, head trader at Robert W. Baird, told the Journal the enthusiasm over earnings has so much momentum, in the short term, there's no real resistance. "It's more like a 'melt-up'."