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As the major indices struggle to break out of the bear market, several stocks have already soared to all-time highs this year. After a dismal 2022, the stock market has tried to return to the green, but with some success. While the S&P 500 is up about 4% year-to-date, the Dow Jones Industrial Average has erased its gains this week and is now down about 1% in 2023 as of Wednesday’s close. After Federal Reserve Chairman Jerome Powell warned on Tuesday that interest rates were likely to rise higher than originally estimated, investors are now focused on Friday’s upcoming jobs report. The strong report confirms the Fed’s position to continue raising rates. While worries about inflation and how far the central bank will go in raising interest rates still weigh on the market as a whole, some names have shrugged off those worries and gone about their business. Here are the S&P 500 stocks that hit all-time highs this year while the rest of the market is stagnating. Many of them work in the industrial sector, which is benefiting from the recovery of the global economy and pricing policy. On Monday, Progressive traded at all-time highs since its initial public offering in 1971. It is now about 2% below that high of $146.50. The insurance giant highlighted its strategy of offering competitive prices during a meeting with investors on March 1. “We believe that a significant increase in personal car rates is probably over. In the fourth quarter, we continued to raise rates on personal vehicles, but at a slower pace. than in late 2021 and early 2022,” said CEO Tricia Griffith. Performance PGR ALL Mountain Progressive since 1980. Progressive also discussed its approach to telematics devices that track customers’ driving habits, which could potentially lower insurance premiums. Shares are up about 11% this year. Meanwhile, on Monday, WW Grainger stock traded at its all-time high since trading began in 1967. The move came after the industrial supply company posted fourth-quarter adjusted earnings of $7.14 per diluted share, above the $7.01 per share analysts had expected, according to FactSet. The stock is now down 1% from its high and up about 25% since the start of the year. GWW ALL Mountain WW Grainger has been growing since 1980. Also on Monday, the electric power management company Eaton hit record highs since its initial public offering in July 1923. The next day, CEO Craig Arnold rang the New York Stock Exchange’s opening bell to celebrate 100 years of stock listing on the exchange. Arnold later told CNBC that Eaton was ready to benefit from the Inflation Reduction Act and the Infrastructure and Jobs Investment Act. “We can really take advantage of what I would call some of the most significant long-term growth trends that I think we will see in our lives: the energy transition, the digitalization of the economy, electrification… [and] in addition, a lot of public stimulus spending, which will further accelerate our growth,” he said on Squawk on the Street on Tuesday. ETN ALL Mountain Eaton since 1980. — Chris Hayes of CNBC provided the report.
Credit: www.cnbc.com /
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