U.S. stocks rose, erasing earlier losses, after Federal Reserve Bank of St. Louis President James Bullard said the central bank should continue its bond buying to boost growth that is slower than expected.

The Standard & Poor's 500 Index gained 0.5 percent to an all-time high of 1,673.96 at 2:26 p.m. in New York, after falling as much as 0.2 percent earlier. The Dow Jones Industrial Average added 87.37 points, or 0.6 percent, to 15,422.65. Trading in S&P 500 stocks was 3.1 percent below the 30-day average during this time of day.

“We have a long stretch now with no significant decline, and I think that's going to continue until there is some significant concern about the Fed stopping,” Jason Thomas, chief investment officer of Los Angeles-based Aspiriant, said in a phone interview. Aspiriant is an independent wealth management firm with over $7 billion in assets under management.