The Dow Jones Industrial Average this afternoon hit a new all-time high of 14,171.5 after Wal-Mart Stores raised its third-quarter profit expectations.
This is the second new all-time high for the Dow this week. On Tuesday, the blue chip index hit 14,167, but yesterday reversed most of that by falling more than 85 points. Today, after Wal-Mart's joyous revelation, the Dow has risen again.
Wal-Mart today predicted its third-quarter profit to be 66 cents to 69 cents a share, up from a previous estimate of up to 65 cents a share. The good news comes despite the company's lower-than-expected September same-store sales, which only rose 1.4%, 0.4% less than analysts expected. WMT execs blame the low numbers on unseasonably warm weather and consumers' tighter purse-strings. In response, the retail giant said it plans to lure holiday traffic by cutting prices on select toys 2 weeks earlier than it did last year.
WMT shareholders liked the good tidings, as the stock is currently trading at $47.08, up 3.27%. As a result, the Dow is hanging right around the 14,154 level, up more than 75 points.