The Dow advanced 0.32% on Wednesday (or nearly 80 points) to 25199.3, while the S&P rose 0.22% to 2815.6. Morgan Stanley was a big help, as the investment bank increased 2.8% after beating expectations for earnings and revenue. It led the way higher for counterparts like JPMorgan (+0.93%) and Citigroup (+0.72%), among others.
Outside of the financials, other big winners today included airline United Continental Holdings (+8.8%) and railroad company CSX (+7.08%). Both recently reported strong quarters (of course) and helped the transports as a whole.
The only straggler of the Big 3 was the NASDAQ…but just barely. It slipped by a miniscule 0.01% (or less than 1 point) to 7854.4. The disappointing thing about this breakeven performance was how close it came to making a second straight all-time high. Oh well, it only needs to gain two points tomorrow to make a new record.
Thankfully, trade issues have taken a backseat for now to make room for earnings season, which should be a good one with total earnings for the S&P expected to rise more than 19%. The big announcement after the bell came from IBM, which reported largely in-line numbers and is up a little more than 2% after hours as of this writing.
The SPDR Dow Jones Industrial Average ETF (DIA) fell $0.51 (-0.20%) in premarket trading Thursday. Year-to-date, DIA has gained 2.73%, versus a 5.74% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Zacks Research.