The Dow rose for a seventh straight day Wednesday as a renewed pledge from the Fed for low rates and a drop in inflation at the producer level helped fuel the market's momentum.
The Dow was up about 30 points at the open, led by Aloca , General Electric and Bank of America .
Merck and Pfizer were among the handful of Dow decliners.
This comes after the Nasdaq closed Tuesday at its highest since August 2008 and the S&P reached its highest since October 2008.
The S&P 500 and Nasdaq both rose to fresh 18-month highs this morning, raising questions about whether this is a full-on breakout for the market from the recent trading range.
"I do believe we're going to break out [of the recent range] here a little bit," Jeffrey Phillips, chief investment officer at Rehmann Financial, said on CNBC this morning. "I think we're going to see some strong earnings numbers coming out here at the end of the first quarter ... I think we've got some momentum that's going to carry us on the domestic side and we are excited about the international equity side as well ... we believe that's more undervalued than on the domestic side."
Art Cashin, director of floor operations at UBS, said he thinks the market may get the luck o' the Irish today and keep going — on one condition.