The blue chip index backed off after hitting the 23,000 milestone for the first time Tuesday. As Fred Katayama reports, healthcare stocks drove the Dow and S&P to close at record highs.
The Dow broke above the 23,000 level for the first time Tuesday - the fourth 1,000 point milestone achieved this year. Powering the Dow and S&P to record high closes: gains in healthcare stocks. Vespula Capital's Jeff Tomasulo: SOUNDBITE: JEFF TOMASULO, CEO, VESPULA CAPITAL, (ENGLISH) SAYING: "We're at 23,000. One of the things, I mean, I guess it builds confidence to some of the retail investors, but I would say you have to be cautious, right? How many milestones, how many new highs do we have to see day in and day out without a correction?" UnitedHealth's shares bolted higher. The largest American health insurer raised its full-year earnings forecast, and its rising profit breezed past Wall Street's targets. Goldman Sachs' shares dipped while rival Morgan Stanley's rose. Both investment banks reported rising profit that crushed analysts' estimates despite suffering sharp drops in bond trading revenue. Netflix shares rose to a record high but then fell. The video streaming pioneer added more subscribers than expected in the latest quarter. Its original content lured new customers. Weakness in the euro and pound lifted the Dollar Index for a fourth straight day. In Europe, energy and materials stocks drove the markets slightly lower.