Dow tops 19,000 as retailers lead stocks to new records
NEW YORK (AP) — The Dow Jones industrial average crossed 19,000 for the first time as the stock market extended its reach further into record territory.
The gains came a day after four major market indexes closed at all-times highs at the same time, something that hadn't happened since 1999.
Retailers are surging as discount store chains Dollar Tree and Burlington Stores raising their forecasts.
Shoppers continued to flock to discount stores, which has helped those retailers while hurting other brands.
Dollar Tree raised its profit and sales forecasts after the chain reported solid results in the third quarter.
With Signet and other retailers like Urban Outfitters and Target making big gains, consumer stocks rose to all-time highs.
Campbell Soup's profit in its fiscal first quarter was better than expected thanks to lower expenses and better sales of snacks like Pepperidge Farm.
Health care stocks took losses as medical device maker Medtronic sank $7, or 8.7 percent, to $73.58 after it disclosed disappointing sales.
Aerospace and defense companies including Boeing, Lockheed Martin and Northrop Grumman were trading around record highs before the election and have continued to rise since then.
Dr. Pepper Snapple Group said it will buy fruit drink maker Bai Brands for $1.7 billion.