Gains were pronounced in the technology sector where upgrades to Oracle ( ORCL ) and component stock IBM ( IBM ) drove the Nasdaq Composite comfortably above 7,000. The benchmark averages set new records on Wednesday, fueled by bullish US economic data and assurances by the Federal Reserve that future rate hikes will be gradual and mindful of persistently low inflation. After Wednesday's open, stocks extended premarket gains on an unexpected increase in the Institute for Supply Management ( ISM ) manufacturing index.