It was the day of the Dow today as earnings from major Dow stocks helped the index hit 23,000 for the first time ever. The Dow 30 closed higher by 40 near record highs, the S&P 500 gained 1,and the Nasdaq 100 was flat. Earnings continues to be the major focus however, tomorrow investors will get news on building permits, along with crude oil inventories, and the Fed's beige book.
UnitedHealth (UNH ) shares popped to new highs today, helping the Dow 30 hit all time highs and 23,000 for the first time ever. The company announced it would raise its outlook going forward. The company announced earnings which showed revenue and overall profits which beat Wall Street's expectations. The company said that growth from its Optum segment, which provides tech facing health services was the reason for the strong quarter. The stock finished the day higher by 5.64% at new highs and is now higher by 27% on the year.
Johnson & Johnson (JNJ ) shares also had a strong day today adding 3.51%. The company announced earnings results for both its top and bottom lines that were better than the streets expectations. J&J said that its pharmaceutical business and its recent acquisition of of Swiss biotech firm Actelion were the driving factors to the beat. Analysts were a little concerned that they didn't hear any comments about hurricane damage to the company's seven plants in Puerto Rico during the earnings call, but investors dove in, pushing shares to new highs on the year.
Boeing (BA ) was a bit of a drag on the Dow today as Airbus announced plans to take a major stake in Bombardier's C-Series jet business. Analysts noted that the deal "was seen as a challenge to the massive tariff pushed by Boeing and the U.S." Last month, the Commerce Department ruled in favor of Boeing after it claimed Bombardier used predatory pricing to sell its C-Series jets to Delta. A final ruling is expected next year. Shares were lower on the day by 0.45%.