Dow Continues Winning Streak After Hitting Record High 

The Dow Jones Industrial Average saw an intraday high and settled the close of the session just short of a record high closing.

Dow-Continues-Winning-Streak-After-Hitting-Record-High 

On Wednesday, the Dow Jones Industrial Average hit a record intraday high of 35,669.69. The index lost some of its gains but still closed the session on a positive note, settling at 35,609.34, an increase of 152.16 from the previous close and 0.1 percent away from a record close. Investor sentiment was higher due to many major corporations having better than anticipated earnings reports.

The Nasdaq fell back by 0.05 percent, ending the session at 15,121.68, while the S&P also closed positive, adding 16.57 points to reach 4,536.19. The S&P was just 0.2 percent away from a record-high close.

One of the most significant jumps seen in the Dow was Verizon, which gained 2.4 percent after the company’s earnings topped expectations in the third quarter. Meanwhile, the telecom company has raised its forecast.

The biotech company Biogen also beat earnings predictions as well as revenue expectations while raising its guidance for 2021. However, the company’s shares trended lower.

United Airlines also posted positive third-quarter results on Tuesday, beating expectations as travel rebounds. But shares for the airlines pulled back slightly on Wednesday.

By Tuesday, 86 percent of S&P 500 companies who reported their earnings this week topped expectations for the third quarter. Thus far, third-quarter revenue earnings are set to increase 35 percent from last year.

Meanwhile, the stock market has had to overcome a lot in the past couple of months, including supply chain issues, the Delta coronavirus surge, the end of government stimulus, and surging inflation, among others. But, the Dow’s losses weren’t as significant as they could have been. Inflation may be peaking, and the COVID surge seems to be coming under control. 

 

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