Positive earnings from UnitedHealth Group Inc. (UNH) and Johnson & Johnson (JNJ) swept the Dow Jones Industrial Average to top 23,000 and hit a new all-time high. The rest of the market held close to the flatline.
Health insurer UnitedHealth beat on its bottom line, while sales in its pharmacy benefit management unit rose by more than 8%. The stock was on track to close with a new record and its best price gain since going public in 1984.
Dow component Goldman Sachs Group Inc. (GS) was the worst performer on the index. The bank reported a 17% drop in quarterly trading revenue, the worst decline among its peers.
Homebuilder sentiment reached a five-month high in October. Economists had expected a flat reading. The National Association of Home Builders said the industry was recovering from the initial shock of the hurricanes.
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