Wall St notches fifth straight quarterly gain

Wall Street closed the books Wednesday with a record high for the S&P 500 and five straight quarters of gains.

The bull market was even more impressive as June marked the end of the second-best first half of a trading year since 1998. The S&P 500 tacked on more than 14 percent from January to June.

As for the daily trading action... The Dow jumped 210 points. The S&P 500 rose 5 points to another record closing high but the Nasdaq saw a minor pullback of 16 points.

The market is looking rich at these heights, says Dan Suzuki, deputy chief investment officer at Richard Bernstein Advisors.

"So, you know, it's possible that there's not a whole lot of upside for the rest of the year when you talk about the index level. I think that there's there's a lot of opportunities within the market, but I think that there's a lot of stuff that's already run really hard. There's a lot of stuff that's very expensive and there's a lot to consider for the second half of the year."

Private hiring data gave investor a reason to be optimistic. Private payrolls rose by a stronger-than-expected 692,000 jobs in June, according to payroll processing company ADP. The number sets the stage for the government's more comprehensive jobs report - - due on Friday - - which could help determine the scope of the Federal Reserve's next move.

In company news: Bed Bath & Beyond missed quarterly profit estimates, but sales topped forecasts and the home products retailer boosted its full-year guidance. The company said sales trends are improving. The so-called meme stock got a lot of love on Reddit Wednesday. Shares ended a volatile session with a more than 11 percent surge.

A record fine for Robinhood is clouding the trading app's road to an IPO. The online broker was ordered to pay a $57 million fine, the largest financial penalty ever doled out by the Financial Industry Regulatory Authority, known as FINRA. Robinhood also has to pay $12.6 million in restitution to thousands of consumers. FINRA cited Robinhood for 'systemic supervisory failures' and causing 'significant harm' to millions of customers with misleading or false information and outages.

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