What bear market? These stocks are trading at all-time highs

Published Thu, Mar 9 202312:04 PM ESTUpdated Thu, Mar 9 20231:48 PM EST

As the major averages struggle to break out of a bear market, several stocks have already soared to all-time highs this year. After a dismal 2022, the stock market has tried to climb back into the green, with some success. While the S & P 500 is up about 4% year to date, the Dow Jones Industrial Average erased its gains this week and is now down around 1% so far in 2023, as of Wednesday's close. After Federal Reserve Chairman Jerome Powell cautioned on Tuesday that interest rates are likely to head higher than initially anticipated, investors are now focusing on Friday's upcoming jobs report . A strong report bolsters the Fed's case for continued rate increases. While concern about inflation and how far the central bank will go in hiking interest rates is still weighing on the broader market, certain names have shrugged off those fears and done their own thing. Here are the S & P 500 stocks that have broken out to all-time highs this year as the rest of the market stagnates. Many are in the industrial sector, which benefits from a global economic comeback and pricing power. On Monday, Progressive traded at all-time highs dating back to its initial public offering in 1971. It's now about 2% off that high of $146.50. The insurance giant emphasized its strategy to offer competitive prices during an investor meeting on March 1. "We believe the major Personal Auto rate increases are likely behind us. In the fourth quarter, we continued to raise Personal Auto rates, but at a pace slower than in late 2021 and early 2022," CEO Tricia Griffith said, according to a transcript. PGR ALL mountain Progressive's performance since 1980. Progressive also discussed its approach to telematic devices that monitor clients' driving habits, which can potentially reduce premiums. Shares are up about 11% this year. Meanwhile, on Monday, W.W. Grainger traded at all-time high levels back to when it began trading in 1967. The move came after the industrial supply company posted adjusted fourth-quarter earnings of $7.14 per diluted share, topping the $7.01 per share expected by analysts, according to FactSet. Shares are now down 1% from their high and up roughly 25% year to date. GWW ALL mountain W.W. Grainger's rise since 1980. Also on Monday, power management company Eaton hit all-time highs dating back to its July 1923 initial public offering. The following day , CEO Craig Arnold rang the opening bell of the New York Stock Exchange to celebrate the 100th anniversary of the stock's listing on the exchange. Arnold told CNBC afterward that Eaton is poised to benefit from the Inflation Reduction Act and the Infrastructure Investment and Jobs Act. "We really are positioned to take advantage of what I would say are some of the most significant secular growth trends that I think we'll see in our lifetime: energy transition, digitalization of the economy, electrification ... [and] a lot of government stimulus spending on top of that that would further accelerate our growth," he said Tuesday on " Squawk on the Street ." ETN ALL mountain Eaton's performance since 1980. — CNBC's Chris Hayes contributed reporting.