Markets Right Now: Dow surpasses 19,000 for first time
Posted November 22
NEW YORK — The latest on developments in financial markets (All times local):
The Dow Jones industrial average is closing above 19,000 for the first time as a post-election rally drives indexes further into record territory.
Tuesday's gain marked the sixth record high close for the index of 30 blue chip stocks since the presidential election two weeks ago.
Discount store chains led the way higher after strong earnings. Burlington Stores surged 16 percent and Dollar Tree gained 8 percent.
Health care companies slumped, however, after weak earnings from medical device maker Medtronic.
The Dow rose 67 points, or 0.3 percent, to 19,023. Other indexes also closed at records.
The Standard & Poor's 500 index rose 4 points, or 0.2 percent, to 2,202. The Nasdaq added 17 points, or 0.3 percent, to 5,386.
Small-company stocks continued to outperform the market.
Stocks are giving up much of an early gain that briefly put the Dow Jones industrial average above 19,000 for the first time.
Big losses in a few major health care companies are holding back the broader market in midday trading Tuesday.
Medical device maker Medtronic plunged 10 percent after reporting sales that fell short of estimates and cutting its profit forecast. Other health care stocks also fell. Johnson & Johnson gave up 2 percent.
Dollar Tree and Signet Jewelers surged after reporting strong earnings.
The Dow rose 16 points, or 0.1 percent, to 18,973. It went as high as 19,014 earlier.
The Standard & Poor's 500 index slipped 2 points, or 0.1 percent, to 2,196. The Nasdaq composite edged up 2 points, or 0.1 percent, to 5,371.
U.S. stocks are rising further into record territory in early trading a day after rising energy prices lifted equities to new heights.
Strong quarterly earnings from a raft of food and retail companies also boosted stocks on Tuesday.
Campbell Soup gained 4 percent and Hormel rose 5 percent.
Discount retailer Dollar Tree jumped 9 percent and Burlington Stores soared 16 percent.
The Dow Jones industrial average rose 34 points, or 0.2 percent, to 18,991. The Standard & Poor's 500 index gained 4 points, or 0.2 percent, to 2,203. The Nasdaq composite added 19 points, or 0.4 percent, to 5,389.