MARKET SNAPSHOT: U.S. Stocks Rise, Pushing S&P 500 To Intraday Record

By Victor Reklaitis and Barbara Kollmeyer, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks advanced Thursday, as the S&P 500 worked for a fourth straight day of gains and set an intraday record.

Reports on existing-home sales and manufacturing topped forecasts, and expectations of dovish notes in Friday's speech from Federal Reserve Chairwoman Janet Yellen also boosted sentiment.

The S&P 500 (SPX) gained 5 points, or 0.2%, to 1,992 after hitting an intraday record at 1,992.68. The benchmark index is also on pace for a record close, trading above its July 24 all-time closing high of 1,987.98. (Read more: Why a new all-time high doesn't mean a crash is due http://blogs.marketwatch.com/thetell/2014/08/21/no-new-all-time-highs-dont-mean-the-market-is-due-for-a-crash/.)

The Dow Jones Industrial Average (DJI) rose 68 points, or 0.4%, to 17,047, moving back above the big round number of 17,000. The Nasdaq Composite (RIXF) rose less than 1 point to 4,527.

Today's market-moving economic data: An August reading for the Philadelphia Fed index, a manufacturing gauge, came in at 28, besting forecasts for 18, and a manufacturing gauge from Markit also jumped. Meanwhile, sales of existing homes rose 2.4% in July to 5.15 million, above expectations, and initial weekly jobless claims came in basically in line with forecasts.

Thursday's encouraging economic reports have provided a lift to U.S. stocks, said Kim Caughey Forrest, a portfolio manager and senior equity analyst at Fort Pitt Capital Group. The good news might have been bad news for the market, spurring worries the Fed could pull back sooner from its stimulus efforts, but the central bank has been offering "soothing words," she told MarketWatch.

""It looks like regardless of how long the Fed hawks are talking, the doves are winning at this point," Forrest said.

With time to mull it over, investors appeared to further shrug off the Fed minutes released Wednesday that showed some officials arguing the groundwork should be laid for raising interest rates sooner than expected.

Brenda Kelly, chief market strategist at IG Markets, said the Fed minutes mostly revealed officials had debated whether to raise rates sooner than expected. "It's still unlikely that it's going to be immediate and remains data dependent," she said in emailed comments.

High hopes for Jackson Hole: Kelly and other strategists said not much will hold markets' attention ahead of Friday's speech from Fed chief Yellen at Jackson Hole, Wyo. European Central Bank President Mario Draghi will speak the same day.

"Markets are making hay while the sun shines -- possibly in a delusional manner based on previous equity moves in the runup and aftermath of the Jackson Hole symposium. Yellen, however, is not Bernanke, and she may offer some surprises," Kelly said.

Other strategists are sounding at least slightly cautious in the short term following the S&P 500's two-week uptrend.

"Despite hints by the FOMC that rate hikes may come sooner than widely anticipated, the S&P 500 appears to be on a mission to eclipse the 2,000 level before considering the consequences of an uncontrolled advance," said Sam Stovall, an equity strategist at S&P Capital IQ, in emailed comments.

Individual stocks: Hewlett-Packard Co. (HPQ) and Hormel Foods Corp.(HRL) were among the biggest winners in the S&P 500, rising 5% and 4.9%, respectively, after each company posted quarterly profit that topped expectations. Follow the day's notable stock moves here.

EBay Inc. (EBAY) shares rose 3.8% on speculation that the company may spin off its PayPal payments unit.

Shares of retailer Gap Inc. (GPS) shed 0.3% in the lead up to quarterly earnings after the closing bell. What to look for

Dollar Tree Inc. (DLTR) shares were down 1.4% after reporting quarterly results and as Family Dollar Stores Inc. (FDO) reaffirmed its support for Dollar Tree's takeover bid, rejecting a rival offer from Dollar General Corp. (DG)

Other markets: The Stoxx Europe 600 index rose as investors pushed aside a mixed bag of purchasing managers indexes and looked to recent market weakness as a buying opportunity. The China data wasn't overlooked in Hong Kong, where the Hang Seng index snapped a four-session winning streak. Elsewhere, gold(GCZ4) was down, continuing to lose ground after the Fed minutes.

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