Market Wrap for Wednesday, February 27: Stocks Near All-Time Highs

The U.S. stock market surged on Wednesday, approaching levels not seen since before the financial crisis. The S&P added 20 points to trade near 1517, while the Dow added about 170 points to trade near 14,070. Economic releases Core durable goods orders increased 1.9% on a month-over-month basis, greater than the increase of 0.2% that was anticipated. Durable good orders in general dropped 5.2% on a month-over-month basis, more than the 4.4% drop that was expected. Fed Chairman Ben Bernanke continued his two-day testimony on Capitol Hill. Bernanke defended the Fed's policy on buying bonds to keep interest rates low. Stocks moving Guidewire Software GWRE traded up over 16% after the company reported earnings Tuesday. Dollar Tree DLTR shares added 11% after the company posted strong earnings Wednesday morning. American Vanguard AVD traded up nearly 10% ahead its earnings report. The company is set to report earnings Thursday morning. MAKO Surgical MAKO shares added over 10% Wednesday after the company reported earnings Tuesday night. Gulfport Energy GPOR shares were up over 9% after posting great earnings Tuesday night. Accretive Health AH shares dropped over 20% after the company delayed earnings results, withdrew guidance, and said they may have to restate past earnings. Cincinnati Bell CBB shares fell over 20% after the company posted poor earnings early Wednesday. First Solar FSLR shares fell over 14% after a bad earnings report Tuesday night. GrafTech International GTI shares fell nearly 10% after reporting earnings Tuesday night. Papa John's PZZA fell over 9% after posting earnings late Tuesday. BroadSoft BSFT fell almost 8% ahead of earnings.