NEW YORK -- The Standard & Poor’s 500 index is trading above its all-time high of 1,775 points as stocks turn higher on Wall Street.

The S&P 500 and the Dow Jones industrial average have been hitting a series of record highs this year as the economy improves, the Federal Reserve keeps up its bond-buying program and as U.S. companies report higher earnings.

After trading lower for most of the day, the market turned higher in the early afternoon Wednesday. The S&P 500 was up eight points, or 0.5 percent, at 1,775.78, a fraction of a point higher than the intraday record it reached on Oct. 30.

The Dow Jones industrial average was up 25 points, or 0.2 percent, at 15,775.

The Nasdaq composite was up 29 points, 0.7 percent, to 3,948.