The Dow Jones Industrial Average closed at an all-time high of 46,940.81 on Oct. 21, driven higher by big increases in component stocks Coca-Cola (KO) and 3M (MMM) after they reported strong earnings.
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The 30-stock blue-chip index gained a total of 218 points, or 0.47%, on the day to finish at a record close. KO stock increased 4% while MMM stock rose 8% after each company reported third-quarter financial results that beat Wall Street’s expectations.
However, while the Dow hit a new all-time high, the benchmark S&P 500 closed flat on the day, finishing trading up a slight 0.22 points. The technology-heavy Nasdaq ended the day in the red, falling 0.16% or 36 points.
Other Gainers
In addition to Coke and 3M, the stock of automotive giant General Motors (GM) soared 15% after it also posted an earnings beat and raised its full-year guidance while simultaneously lowering its estimated impact from U.S. President Donald Trump’s tariffs.
Zions Bancorp’s (ZION) stock closed up 2% after the regional bank reported third-quarter profits that rose from a year ago, despite the disclosure of some bad loans late last week that sparked investor concerns. On the flipside, many leading technology stocks, including Nvidia (NVDA), closed down on Oct. 21 amid ongoing concerns about trade tensions between the U.S. and China.
Google parent company Alphabet’s (GOOGL) stock fell 2% after rival OpenAI unveiled a new artificial intelligence-powered internet browser designed to compete against the Google Chrome search engine.
Is the SPDR S&P 500 ETF Trust a Buy?
The SPDR S&P 500 ETF Trust (SPY) currently has a Moderate Buy rating among 504 Wall Street analysts. That rating is based on 419 Buy, 78 Hold, and seven Sell recommendations issued in the last three months. The average SPY price target of $753.46 implies 12.21% upside from current levels.
