Goldman Sachs, Home Depot Lift Dow To New Highs

One day removed from the quick market correction—and after a two-day technology industry sell-off—the Dow Jones Industrial Average once again reached an all-time high. And obviously, some industry heavyweights were to thank.

The markets seem to keep chugging up the mountain these days, no matter what is going on in the U.S. or the world. The Dow closed up 46.09 points or 0.22% on Wednesday, yet another peak. In the last year, the index has gained 20.93%.

Goldman Sachs (GS - Free Report) helped move the index as the financial powerhouse closed up 1.03%. Do-it-yourself retail giant Home Depot (HD - Free Report) jumped 1.80%, while Travelers (TRV - Free Report) popped 1.48%.

Shares of General Electric (GE - Free Report) , Boeing (BA - Free Report) , 3M (MMM - Free Report) , American Express (AXP - Free Report) , and Coca-Cola (KO - Free Report) also all saw marginal gains.

Other Indexes Drop

However, the S&P 500 and the Nasdaq Composite fell on Wednesday. The drop off came amid the Federal Reserve’s long-anticipated second interest rate hike of the year.

The Federal Reserve not only announced that it would raise short-term rates, but it also highlighted a plan to begin to reduce its $4.5 trillion asset portfolio. The Fed also said it will hike up the federal-funds rate on Thursday by the assumed 0.25% points, which will leave the benchmark interest rate between 1% and 1.25%

“The plan is one that is conscientiously intended to avoid creating market strains and to allow the market to adjust to a very gradual and predictable plan,” Fed Chairwoman Janet Yellen said during a news conference on Wednesday.

Disclosure: Zacks.com contains statements and statistics that have been obtained from sources believed to be reliable but are not guaranteed as to accuracy or completeness. References to any specific ...

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