The Dow hit a record high close as stronger-than-expected earnings from companies including 3M and Caterpillar fueled optimism about economic strength. Roselle Chen reports.
The Dow hit a record at the close as stronger-than-expected earnings fueled optimism about economic strength. Eric Aanes, founder of Titus Wealth Management. (SOUNDBITE) "We're seeing the global growth story play out, and we're seeing extension of this bull market that is fueled by continued improved earnings, and we're seeing that across the board today in some large companies, and we expect that to continue on here till the end of the year." Shares of 3M and Caterpillar jumped after the two companies reported quarterly results and gave upbeat forecasts. General Motors was up as well on stronger-than-expected earnings, positive outlook, and a promise to slash inventories. McDonald's also rose. The chain is bringing back customers with new promotions and custom-made burgers. Offsetting some of the day's gains, Biogen fell after disappointing U.S. sales of a potential blockbuster drug, Spinraza. Whirlpool tumbled after disappointing profit and sales. The company also lowered full-year guidance. In Europe, stocks ended the day in the green.