Finally! Dow finishes above 14,000

NEW YORK (CNNMoney.com) -- The Dow finished just a hair above 14,000 for the first time ever, helped by positive earnings news, while investors overlooked minutes from the latest Federal Reserve meeting and comments from Fed chief Ben Bernanke.

The Dow Jones industrial average (up 84.30 to 14,002.52, Charts) finished 82 points, or about 0.6 percent, higher based on early tallies, finishing above 14,000 after straddling the key psychological mark during the session.

The broader S&P 500 (up 7.83 to 1,554.00, Charts) rose over 0.4 percent to finish at an all time high, shattering the record set last Friday.

The tech-fueled Nasdaq (up 23.62 to 2,723.11, Charts) climbed nearly 0.8 percent, reaching its highest level in over 6-1/2 years during the session.

Oil prices climbed towards $76 a barrel as U.S. light crude for August delivery rose 87 cents to $75.92 a barrel on the New York Mercantile Exchange.

Treasury prices edged higher Wednesday, sending the yield on the benchmark 10-year note lower to 5.02 percent from 5.03 percent late Wednesday.

The dollar eased against the euro and was slightly higher versus the yen.

COMEX gold for August gained $4.40 to $678.10.

Here's what was moving before the close:

IBM (up $5.09 to $116.17, Charts, Fortune 500) helped send lead stocks higher after the tech bellwether reported better than expected results late Wednesday and raised its profit forecast for the year, sending its shares over 4 percent higher in afternoon trade on the New York Stock Exchange.

Returning to Capitol Hill for a second day of testimony, Federal Reserve Chairman Ben Bernanke touched on a number of issues during a question and answer session with a Congressional committee.

Bernanke said that the central bank needs more economic data before it is convinced that inflation is moderating and warned that the recent losses in the subprime mortgage sector could hit $100 billion and posed a threat to consumer spending.

Stocks retreated slightly after the central bank released the minutes from its June 28 meeting, which revealed that policymakers viewed the risks to growth as "more balanced."

Wednesday's earnings deluge continued Thursday with Dow component Honeywell International Inc. (up $0.24 to $60.78, Charts, Fortune 500) and Bank of America (down $0.11 to $49.25, Charts, Fortune 500) posting improved profits that topped Wall Street estimates.

"In the absence of geopolitical news and with earnings coming in higher...as long as that keeps occurring I don't see 14,000 as too much of an obstacle," said Tim Krause, director of risk management at Zecco Trading.

United Health (down $1.59 to $51.99, Charts, Fortune 500), the leading U.S. health insurer, boasted a 22 percent increase in quarterly earnings that beat earnings, but a decline in a key gauge slipped, sending its shares over 3 percent lower.

Cell phone maker Motorola (up $0.24 to $18.24, Charts, Fortune 500) posted a quarterly loss and said its revenue fell due to weak phone sales.

Wall Street will get more earnings from the tech sector late Thursday as Google (down $0.72 to $548.77, Charts, Fortune 500) and Microsoft (up $0.68 to $31.60, Charts, Fortune 500) are among the companies due to report after the market close.

In economic news, mid-Atlantic factory activity grew at a slower than expected pace in July, the Philadelphia Federal Reserve Bank said Thursday.

And jobless claims fell unexpectedly for the second straight week as the number of new filings declined by 8,000 to 301,000.

Market breadth was positive. Winners beat losers nearly 2 to 1 on volume of 1.43 billion shares on the New York Stock Exchange. Advancers topped decliners more than 3 to 2 on volume of 2.09 billion shares.