Dow hits another record high
POSTED: Wednesday, November 6, 2013 - 11:30am
UPDATED: Wednesday, November 6, 2013 - 11:34am
NEW YORK (CNNMoney) — The Dow rose to an all-time high Wednesday as investors focused on mostly solid corporate earnings.
The Dow surpassed its previous record high from last week.
Microsoft and Chevron were the best performing blue-chips in the Dow 30.
Only Intel, Nike and Home Depot were lower.
The S&P 500 and the Nasdaq also gained.
Stocks ended mostly flat Tuesday.
Health insurer Humana reported better than expected earnings before the bell.
CNNMoney parent Time Warner topped earnings forecasts and reaffirmed its guidance for the year.
Of the 374 companies in the S&P 500 that have reported earnings so far, 69% have topped analysts' expectations, according to S&P Capital IQ.
But Tesla shares plunged after the electric car maker's third-quarter results were not as strong as investors were hoping for.
Shares of teen apparel retailer Abercrombie & Fitch tumbled nearly 7% after the company warned of weak sales and said it was closing its lingerie chain Gilly Hicks.
CBS, Whole Foods and SolarCity are due to report earnings after the closing bell.
Investors will also keep tabs on Twitter once the market closes.
The social media site, which has more than 230 million users, is widely expected to price its initial public offering this evening and begin trading on Thursday.
The IPO market has been booming as stocks trade near all-time highs.
The S&P 500 has gained 24% so far this year, extending a bull market that started in March 2009.
Barracuda Networks, which provides cloud computing and network security services, priced its IPO at $18 a share, the low end of its price range.
But the stock jumped 26% to nearly $23 a share in early trading.
Avianca Holdings and Arc Logistics Partners also went public Wednesday.
Looking ahead to the rest of the week, investors are awaiting the U.S. October jobs report from the Bureau of Labor Statistics.
The report, due out Friday morning, has a strong influence on market sentiment.
Investors are zeroing in on the economy as they attempt to gauge when the Federal Reserve will begin to slow the pace of its $85 billion per month stimulus program.
The Fed is expected to stay on hold until sometime next year, but any sign of improvement in growth, particularly in the job market, could stoke concerns about an early exit.
On Thursday both the European Central Bank and the Bank of England will announce interest rate decisions.
The ECB is under pressure to cut rates to a new low.
European markets were moving higher in morning trading.
But it was a mixed picture for Asia's stock markets.