Dow Hits New Record High on Strong Earnings

The Dow Jones Industrial Average closed at another record high on Wednesday, driven by strong earnings from top companies.

The index rose to 54,349, up 0.5% on the day, while the S&P 500 came off its own record high set a day earlier and closed down 0.2% at 7,723.55.

Stephen Kates, a certified financial planner, called Wednesday's session 'mixed', but said that recent price action in both indices remains 'firmly bullish' due to strong second-quarter earnings.

The Dow is heavily weighted with companies such as Caterpillar, which contributed significantly to the index's gains following its earnings report. Kates noted that with two quarters of strong earnings in the books and positive guidance for the remainder of the year, the market has room to continue advancing.