Finally! Dow finishes above 14,000

NEW YORK (CNNMoney.com) -- The Dow closed above 14,000 for the first time ever as upbeat corporate earnings comforted investors as they digested the minutes from the latest Federal Reserve meeting and comments from Fed chief Ben Bernanke.

The Dow Jones industrial average (up 82.19 to 14,000.41, Charts) finished about 82 points, or about 0.6 percent higher, ending just above 14,000 after straddling the key psychological mark during the session.

The Dow, which has risen for 10 of the past 13 sessions, finished in record territory in 5 out of the last 6 sessions.

The broader S&P 500 (up 6.91 to 1,553.08, Charts) rose over 0.4 percent to finish at an all time high, breaking the previous record set last Friday.

The tech-fueled Nasdaq (up 20.55 to 2,720.04, Charts) climbed nearly 0.8 percent, reaching its highest level in over 6-1/2 years during the session.

Wall Street got more earnings news from the tech sector late Thursday, as tech giants Google and Microsoft reported earnings after the closing bell.

Top search leader Google announced just after the close Thursday that quarterly sales beat projections but its earnings fell short of forecasts. Google (Charts, Fortune 500) shares slipped 5 percent after hours following a slight drop in regular trading on the Nasdaq.

Microsoft (Charts, Fortune 500) reported earnings in line with estimates but revenues came in slightly above Wall Street projections. Shares of the software maker climbed over 1 percent higher in electronic trade on the news.

Better than expected results and a bullish profit forecast from tech bellwether IBM (up $4.78 to $115.86, Charts, Fortune 500) helped send stocks higher earlier Thursday, with its shares finishing over 4 percent higher on the New York Stock Exchange.

Even with the deluge of earnings news, Wall Street kept a close eye on the Federal Reserve as central bank Chairman Ben Bernanke returned to Capitol Hill for a second day of testimony in front of a Congressional committee.

Touching on a number of issues during a question and answer session, 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.

Stocks pared some gains briefly after the central bank released the minutes from its June 28 meeting, in which policymakers said housing is likely to remain a drag on growth but that inflation remains its greatest concern.

Wednesday's earnings deluge continued Thursday with Dow component Honeywell International Inc. (up $0.44 to $60.98, Charts, Fortune 500) and Bank of America (down $0.09 to $49.27, Charts, Fortune 500) posting improved profits that topped Wall Street estimates.

United Health (down $1.69 to $51.89, 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 $0.22 to $18.22, Charts, Fortune 500) posted a quarterly loss and said its revenue fell due to weak phone sales.

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 1.53 billion shares on the New York Stock Exchange. Advancers topped decliners more than 3 to 2 on volume of 2.21 billion shares.

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 5.01 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.