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Dow beats record set in December

first_imgNEW YORK — The Dow Jones industrial average closed at an all-time high Wednesday as the good narrowly outweighed the bad for the stock market.After investors assessed a series of company earnings reports, the latest move from the Federal Reserve and an unexpectedly weak reading on first quarter economic growth, the stock market ended with its third straight day of gains.Stocks started the day lower after the government reported that the U.S. economy stalled in the first three months of the year as winter storms chilled business activity. The Commerce Department said growth slowed to a barely discernible 0.1 percent annual rate in the January-March quarter, less than the rate of 1.1 percent forecast by economists, according to FactSet.The market’s reaction to the report was muted because most investors expect the slowdown to be temporary as growth rebounds with warmer temperatures.“Most people, including us, expected March to have been the strongest month of the first quarter” and that growth will continue to pick up, said Sean Lynch, global investment strategist for Wells Fargo Private Bank. “That’s an OK environment for the market.”last_img read more