The combined profit of S&P 500 companies is estimated to have risen 5.7 percent in the fourth quarter, largely helped by financial companies.
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Many investors and analysts say they expect volatility to pick up in the coming months. The S&P is trading at about 17 times expected earnings, compared to its 10-year average of 14.
GDP increased at a 3.5% annual rate instead of the previously reported 3.2 percent pace.
U.S. stocks have been roaring ahead since the election, with the Dow up 9 percent and the S&P 500 6 percent.
The U.S. blue-chip index hits new all-time high, continuing six-week rally. The blue-chip index rose 90 points, or 0.5%, to 19973 shortly after the opening bell.
As stocks advanced and the dollar steadied around a 14-year high, the S&P 500 is trading at 17.9 times forward 12-month earnings, above the 10-year median of 14.7 times.
The S&P 500 is currently trading at about 17.5 times forward twelve-month earnings, above the 10-year median of nearly 15 times.
The ECB said that it would extend its bond-purchase program by nine months to the end of 2017, but reduce its monthly purchase volume to €60 billion from €80 billion ($86.2 billion) as of April.
Wall Street rallied broadly on Tuesday, as a slew of better-than-expected quarterly reports.
The number of Americans applying for first-time unemployment benefits, a proxy for layoffs, decreased by 5,000 to a seasonally-adjusted 249,000, a near 43-year low.