The Dow breached the psychological 22,000 barrier during a week of strong gains. Strong earnings performances were primarily responsible for the index’s record run. The index also received a boost from falling sovereign bond yields on Monday. On Tuesday, the index achieved its 31st record finish for the year.
Ultimately, the index breached the 22,000 barrier on Wednesday. The index gained again on Thursday despite suffering minor losses earlier in the session after the Russia investigation led by Robert Mueller intensified.
Last Week’s Performance
The Dow gained 0.2% on Friday to close at a record level. The blue-chip index was boosted by splendid earnings from Chevron Corp. (CVX - Free Report) . This enabled the Dow to recover from the 40 point decline it suffered earlier in the session. On the other hand, Exxon Mobil Corp. (XOM - Free Report) posted a dismal earnings performance, losing 1.5%. Amazon.com, Inc.’s (AMZN - Free Report) disappointing second quarter results weighed on other benchmarks.
The index gained 1.2% over last week. The Dow’s great run was supported by excellent earnings for the week. Index components which reported better-than-expected earnings during this period are McDonald’s Corp. MCD, The Boeing Company (BA - Free Report) , Verizon Communications Inc. (VZ - Free Report) and Caterpillar Inc. (CAT - Free Report)
The Dow This Week
The index gained 0.3% on Monday to finish at yet another all-time high, buoyed by a rally in shares of The Goldman Sachs Group, Inc. (GSÂ -Â Free Report), The Home Depot, Inc. (HDÂ -Â Free Report) and Boeing. Falling sovereign bond yields also helped the index touch a record level during this trading session. Over last month, the Dow gained 2.5%, powered by the excellent earnings results released during this period. Â
On Tuesday, the index increased by 0.3% once again. The Dow registered yet another record high on Tuesday, stopping just short of attaining the psychological milestone of 22,000. This was its 31st record close that the blue-chip index breached this year.
This marked the Dow’s sixth straight session of gains and second straight record finish. 3M Company (MMM - Free Report) and Goldman Sachs contributed to most of its gains on this occasion. Rising bank shares and splendid earnings from JPMorgan Chase & Co. (JPM - Free Report) have also been instrumental for Dow’s stellar showing.
Ultimately, the index breached the 22,000 barrier on Wednesday. The index gained 0.2%, marking its seventh consecutive daily increase. This historic benchmark was achieved within 107 trading days of Dow hitting the 21,000 mark.
