Wall Street edged higher in a volatile session on Thursday, torn between strong corporate earnings and a surge in the U.S. dollar.
The market swung in a wide range throughout the day as investors reacted to gyrations in the currency markets and as relatively strong earnings took a back seat.
But by the end of the session, the fundamental picture seemed to win out. The Dow rose, helped by McDonald's Corp (MCD.N) and Travelers Cos Inc (TRV.N), both of which hit 52-week highs after stronger-than-expected results.
"Companies are continuing to show that they are continuing to make money in a low nominal GDP environment and that they are very good at it and they can continue to do so," said Paul Zemsky, head of asset allocation at ING.
Investors have been trading the dollar and equities against each other recently as expectations the Federal Reserve will pump billions into the economy have pressured the greenback while lifting stocks.