By Ovunc Kutlu
NEW YORK (AA) – Wall Street closed higher Thursday as indexes reached new record highs, while bullish market sentiment continued with positive data and rising oil prices.
The Dow Jones rose 134 points to end the day at 18,506 points while the S&P 500 was up 11 points to close at 2,164. The Nasdaq gained 28 points to finish the day at 5,034.
With those results, the Dow closed at an all-time high for the third day in a row, while the S&P reached its highest closing level ever for the fourth consecutive day.
Meanwhile, the Nasdaq erased all its losses this year to move into positive territory, closing at its highest level for 2016.
The Producer Price Index for June increased 0.5 percent, compared to the previous month, the Labor Department said Thursday, beating market expectations of 0.3 percent and recording its fastest gain in 13 months.
In addition, a rise in second quarter revenues at JP Morgan Chase added to the positive sentiment in the market.
Revenues rose to $25.2 billion from $24.5 billion in the same quarter a year ago -- a 2.9 percent increase.
And after losing around 4 percent Wednesday, oil prices were once again on the rise, adding to investors' confidence.
At the final bell, the American benchmark West Texas Intermediate traded at $45.49 a barrel with a 1.7 percent gain, while international benchmark Brent crude was up 1.9 percent to $47.13.
Markets will watch Friday for the Consumer Price Index and June retail sales.
If the data beats expectations, the stock market could finish the week with new record levels, according to analysts.