Dow pops 140 points, closes at record after Caterpillar and 3M earnings

The Dow Jones industrial average closed at a record on Thursday on the back of stronger-than-expected quarterly results from Caterpillar and 3M. The 30-stock index gained 140.67 points to close at 26,392.79. The Dow rose as much as 206 points but came off its highs after President Donald Trump told CNBC the dollar will get “stronger and stronger” under his leadership. The dollar index reversed losses and traded higher by 0.1 percent. The S&P 500 pared most of its gains and closed 0.1 percent higher at 2,839.25, a record. The Nasdaq composite gave up its gains and closed 0.1 percent lower at 7,411.16. Earlier, the S&P 500 and Nasdaq followed the Dow higher as a strong earnings season rolled on. “The numbers companies are releasing, along with the upbeat views from executives, is helping analysts lift their estimates and that’s helping stocks advance,” said Mark Luschini, chief investment strategist at Janney. “You [also] have strong U.S. and overseas economic growth, and that is supportive for stocks.” Shares of Caterpillar rose as much as 2.8 percent before finishing 0.6 percent higher, while 3M gained 1.9 percent. Celgene and McCormick also reported better-than-forecast quarterly earnings and sales. “This is going to be earnings-driven for the next couple of weeks,” said Tim Dreiling, regional investment director at U.S. Bank Wealth Management. “Thus far, it’s been terrific news.”

Terrific indeed!!  To read the rest of this article, click on the text above.    🙂

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