Dow rises nearly 100 points to new record close

The Dow Jones Industrial Average rose nearly 100 points Wednesday, closing at a new record as companies reported strong earnings.

The 30-company index closed up 97.3 points, or 0.3 percent, to a highmark close of 34,230.

The Dow outperformed other indexes, such as the S&P 500, which was relatively flat with a 3 point, or 0.1 percent rise, and the Nasdaq, which dropped 51 points, or 0.4 percent.

Companies such as General Motors reported stronger-than-expected earnings, pushing its stock price up 4 percent.

The latest record continues a hot streak for stock markets that has boosted President Biden in the early part of his term.

In the first 100 days of his presidency, markets rose faster than his predecessors’ first 100 days dating back more than 80 years.

The markets have been boosted by a dramatic drop in COVID-19 cases, fueled by increased vaccinations in the population, massive levels of federal stimulus from the latest COVID-19 relief bill, and ongoing record-low interest rates from the Federal Reserve.

Payroll company ADP on Wednesday estimated that the private sector added 742,000 new jobs in April.