The Dow Jones Industrial Average pulled off a shocker on Tuesday session when it briefly landed on the psychologically important 23 000 level before paring some gains and closing at a fresh record high.
The blue chip index finished off the day with a 0.2% gain, adding 40 points, to settle at 22, 997.44, three points shy of the benchmark’s highest close in the history. Still, yesterday’s close remained a milestone for the Dow.
On an intraday basis, Dow cruised past the 23 000-level but gains were erased when bank shares, one of the index’s main components, suffered a tumultuous day.
It was the 66th record close for the blue chip index, which showed how the stock market has changed since the previous year when the Dow was just at the 18 000-level.
On August 2, Dow breached past the 22000-barrier for the first time with Boeing and Caterpillar serving as the major catalysts of that feat, contributing 142 points and 121 points respectively.
Yesterday, health stocks pulled off the heroic stunt for the DJIA.
United Health, the biggest health insurer in the US, released its third quarter earnings report, which data showed that the firm’s profit smashed analysts’ expectations. Johnson and Johnson also provided enough support for Dow with its impressive third quarter earnings.
Since Donald Trump won the presidency over Hillary Clinton, the Dow has tallied a gain of 4 600 points, equivalent to a 25% surge in almost a year.