U.S. stocks jumped to records with the Dow Jones Industrial Average crossing 26,000 and S&P 500 Index surpassing 2,800 for the first time before falling back as large companies such as Citigroup Inc., General Motors Co. and UnitedHealth Group Inc. offered earnings encouragement.
The S&P 500 rose 0.2 percent to 2,792.79 and the Dow was up 150 points, or 0.6 percent, to 25,953.01 as of 12:31 p.m. in New York.
Most major U.S. equity gauges gained but retreated from their session highs. Citigroup posted healthy earnings and management discussed possible significant investor payouts from the bank’s windfall stemming from a major tax cut. General Motors surprised the market by predicting steady profits in 2018 and growth in 2019. And UnitedHealth raised its adjusted profit projectiondue to the recent tax overhaul.