Dow Tops 23,000 In New All-Time High
NEW YORK - Dow Jones Industrial Average tops 23,000 in new all-time high. The blue-chip index reached several new highs this year, extending a bull market rally experts say began 9 years ago.
The Dow closed above 22,000 on August 2 and 21,000 five months before that.
The S&P 500 and Nasdaq Composite indexes were largely flat in early trading.
Health care companies notched some of the biggest gains. UnitedHealth Group (UNH), the country's biggest health insurer, rose 5.4 percent after reporting earnings that beat analysts' estimates. The stock gained $10.35 to $203.58. Johnson & Johnson (JNJ) added 2 percent after reporting a strong quarter of its own. Its shares added $2.68 to $138.80.
Morgan Stanley (MS) rose 1.8 percent after the investment bank served up quarterly results that beat Wall Street's expectations. The stock picked up 88 cents to $49.82. Goldman Sachs (GS) also delivered earnings that exceeded financial analysts' expectations, but its shares were down $4.32, or 1.8 percent, to $238.09.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.32 percent from 2.30 percent late Monday.
Stocks have hit a succession of all-time highs in recent months amid unusually low volatility and despite a market that some analysts view as overvalued. Yet that view is not universal on Wall Street. Other market watchers point to steady U.S. economic growth this year, supported by low interest rates and strengthening global conditions, as reasons to expect stocks to keep rising.
As the stock market numbers neared the record Monday, President Trump tweeted his approval:
Since Election Day on November 8, the Stock Market is up more than 25%, unemployment is at a 17 year low & companies are coming back to U.S.— Donald J. Trump (@realDonaldTrump) October 16, 2017