Dow Jones Dominates the US Stock Market ahead of Wednesday Opening
US stock markets are up today, with the Dow Jones setting a new record high as it closed on Tuesday that should help keep it high today.
The Dow Jones Industrial Average had a great day of trading on Tuesday, as it gained 742 points and climbed by 1.85% to reach 40,954.
The other market indices were high but nowhere close to the Dow Jones. Over on the Composite, there was a 0.20% gain. The S&P 500 went up by 0.64% to round out a frenetic trading session.
What helped the Dow Jones perform so well was that many of its poorly performing stocks lost very little on Tuesday, but the earners gained a lot of ground. The Dow Jones had its best session in a year, beating its record since June 2023. Its all-time high record on Tuesday should help the market stay high today as well.
UnitedHealth Group, Boeing, and Caterpillar topped the Dow Jones’s charts with decent gains. We don’t usually see such sizable increases on this index, but the across-the-board gains showed that the market is doing very well, and the US economy is in a good place, even though it is still coming out of a recession.
Today’s Trading Expectations
Investors should buckle up for another frenzied day of trading, though perhaps not as high as Tuesday’s numbers. Several banks are releasing their earnings reports this week, which should spur renewed interest in the stock market as investors see a wider picture of where the economy is at and how the money is moving in the US.
Most of the major banks that have already released their earnings statements have shown positive growth and have offered hopeful guidance for the remainder of 2024. Bank of America shared its earnings already this week, and the bank’s stock rose as a result. With the US banks in a healthy place, the overall stock market looks healthier.
Expect today to set some records once more and for all three indices to be mostly high by the time the market closes later today.
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