Specialist Meric Greenbaum, left, and trader Fred DeMarco work on the floor of the New York Stock Exchange, Wednesday, Jan. 17, 2018. Stocks are opening higher on Wall Street as the market makes up some of the ground it lost a day earlier. (AP Photo/Richard Drew)A broad rally on Wall Street propelled the Dow Jones industrial average to close above 26,000 points for the first time Wednesday.
The sharp gains also delivered record highs for the Standard & Poor’s 500 index and the Nasdaq composite, wiping out the market’s modest losses from a day earlier.
Technology and health care companies accounted for much of the gains. Financials stocks also rose, even as some big banks fell after reporting hefty quarterly losses.
“As yesterday’s pullback suggests, investors and traders will come back into a market in which they still see an upside,” said Quincy Krosby, chief market strategist at Prudential Financial. “But the market remains overbought, and an overbought market is susceptible to a pullback.”
The Dow gained 322.79 points, or 1.3 percent, to 26,115.65.