The S&P 500 and Nasdaq stock indexes have also reached highs. In addition, small-company stocks, tracked by the Russell 2000 index, have hit record levels, as traders bet that Presdident-elect Trump’s U.S.-centric approach would benefit smaller companies more than large U.S. multinationals.
The Dow rose 45 points, or 0.2 percent, to 19,001 as of 2:28 p.m. Eastern time. The S&P 500 was essentially flat at 2,198, while the Nasdaq composite index added 6 points, or 0.1 percent, to 5,374.
Food producers Campbell Soup and Hormel Foods were trading higher after each reported strong quarterly results, and discount store chains Dollar Tree and Burlington Stores were climbing after raising their forecasts.
Campbell’s profit in its fiscal first quarter was better than expected thanks to lower expenses and improved sales for food brands like Pepperidge Farm. Hormel, the maker of Spam, reported better results from its refrigerated foods business and its Jennie-O turkey unit. Hormel also gave solid guidance for the current fiscal year.
While the S&P 500 is at record highs, only one of its 11 industry sectors is doing the same. That’s the industrial sector, which includes companies that make aircraft and engines, run railroads, and make other equipment. That index is up 5.6 percent since the election, about twice as much as the broader market, and has risen 15 percent this year. Aerospace and defense companies including Boeing (BA), Lockheed Martin (LMT) and Northrop Grumman(NOC) were trading around record highs before the election and have continued to rise since then.
Oil’s price recovery is a big help for the market. Investors are wagering that OPEC members will soon cut a deal that would reduce oil production, a boon to prices. The dollar was little changed. It slipped Monday but has been trading around 13-year highs.
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