Dow Briefly Hits New All-Time High, While S&P 500 Nears Record

Dow Briefly Hits New All-Time High, While S&P 500 Nears Record

Share to Linkedin The stock market hit new record highs Wednesday, with the Dow Jones Industrial Average rising up to 200 points to surpass its previous peak in August thanks to upbeat earnings reports and a strong rally in Bitcoin prices. Third-quarter earnings have so far come in better than expected, helping boost markets back to new ... [+] highs. The Dow rose as much as 0. 6% to a new record high of 35, 660 points as of 1 p. m. ET, while the S&P 500 was up 0. 3% to around 4, 540 points, just 0. 2% shy of its own record. Shares of Verizon rose over 2% after topping earnings estimates earlier in the day, while Netflix and United Airlines both posted better-than-expected results after the market closed Tuesday. The price of Bitcoin, meanwhile, hit a new all-time high of $66, 893 following weeks of positive momentum for the cryptocurrency, after the first Bitcoin-linked ETF, released by ProShares, rallied on its first day of trading Tuesday. Adding to the buzz is hedge fund billionaire Paul Tudor Jones, worth $7. 3 billion according to Forbes' estimates, who told CNBC on Wednesday that he prefers Bitcoin over gold as