Dow, up for 9 days, hits a new record again
The red-hot Dow, bolstered by a strong earnings report and stock surge from index member Microsoft, jumped higher for a ninth straight day on Wednesday as it pushed further into record territory.
At the 4 p.m. ET closing bell, the Dow was up 36 points or 0.2%, to 18,595.03. The nine-day winning streak is its longest since a 10-session rally more than three years ago in March 2013.
The Standard & Poor's 500 stock index also set a new closing high after gaining 0.4% to 2173.02. The Nasdaq composite index surged 1.1%.
Driving the Dow higher was an earnings blowout from Microsoft (MSFT), which after last night's closing bell topped analyst profit estimates by 16 cents per share. The strong results from the tech giant, which is best known for its software, was a strong performance from its cloud computing division. Microsoft shares sprang up 5.3%.
Better-expected earnings from Wall Street bank Morgan Stanley (MS), which topped both profit and revenue projections also boosted investor sentiment. Shares rose 2.1% Wednesday.
The Dow and S&P 500 have been powered to new highs in the past week by a better-than-expected start to the second-quarter earnings season, signs of an improving U.S. economy after a weak first quarter, and a bet by global investors that central bankers around the world will continue to support the markets with continued stimulus.
Stocks were higher in Europe with the broad Stoxx Erope 600 index up 1%. Stocks were mixed in Asia, with the surging Nikkei 225 in Japan taking a breather, falling 0.3% and stocks in Hong Kong closing 1% higher.