Market Insider

Will earnings be catalyst to knock stocks off record high?

Traders gather at a post on the floor of the New York Stock Exchange Tuesday, Jan. 14, 2014.
Richard Drew | AP

With stocks back in record terrain for the first time in 2014, traders are watching earnings reports and the Fed for next moves as markets continue to realign in new year trading.

Stocks rallied for a second day Wednesday, shrugging off Monday's steep selloff. The set a new high and closed at a record 1,848, up 9, while the Dow was up 108 at 16,481. The Nasdaq, up 31 to 4,214, set a new 13-year high.

"If you said sell it, you got killed every day but Monday for the last six months," said Patrick Boyle, a trader at BTIG. "Everybody's talking like it seemed a little toppy, and Monday's pullback was healthy."