Robert Hum is the Markets Producer at CNBC.
This past Saturday marked the one-year anniversary of the Dow Industrials’ first close above 14,000. Needless to say, it has been quite a ride for the Dow since it first reached that milestone; the Dow continued to establish new all-time highs into October before falling to 2-year lows this month.
After the close today, Coventry Health Care slashed its Q2 and full-year earnings guidance due to increasing cost pressures. Coventry’s stock was halted after hours before starting again. Meanwhile, other healthcare stocks are trading sharply lower in after hours trading following the news.
Despite the ongoing rise in crude oil prices and the overall concerns of a weaker economy, the Dow Jones Transportation Average hit new all-time highs today. It passed its previous intraday high of 5,487.05 that it had set last July. If it closes over 5,446.49 today, it will set a new all-time closing high.
The latest jobs data show the economy added 203,000 jobs in November, while the unemployment rate hit a five-year low.
A strong sell bias continues among company insiders across the market, as stocks breach trough historic levels.
If history is an indication, the stock market could extend its rally into December.
Even with the sharp gains in stock prices this year, 70 percent of the Dow components still offer dividend yields greater than 2 percent.