* Dow tops 19,000 mark, S&P 500 breaches 2,200
* Russell 2000 hits fresh high
* Healthcare sector set for biggest drop in a month
* Dow up 0.3 pct, S&P down 0.1 pct, Nasdaq up 0.2 pct
(Updates to late afternoon, adds dateline)
By Caroline Valetkevitch
NEW YORK, Nov 22 U.S. stocks edged higher in
afternoon trading on Tuesday, pushing the Dow above the 19,000
level and the S&P 500 above 2,200, though a fall in healthcare
stocks weighed on the market.
All three indexes along with the small-cap Russell 2000
index again hit intraday record highs, a day after all
four indexes set record closing highs, extending their rally
since the Nov. 8 U.S. election.
President-elect Donald Trump's promises of tax cuts, higher
spending on infrastructure and less regulation have been seen by
investors as beneficial to certain industries, including banking
But some market participants question if the rally is
sustainable, with the S&P 500 trading near 17.3 times forward
12-month earnings, above the 10-year median of 14.7 times,
according to StarMine data.
"We've quieted down to a pre-holiday mode," said Michael
O'Rourke, chief market strategist at JonesTrading in Greenwich,
Connecticut, noting that volume was getting lighter ahead of the
U.S. Thanksgiving holiday on Thursday.
Also, "bonds have seen a bounce today, so the equity bid
came out of the market for a little bit."
U.S. bond prices have fallen sharply - driving up yields
-since the U.S. election, while stocks have jumped.
The healthcare index, which saw a sharp run higher
following the election, was off 1.5 percent, leading the
decliners and set for their biggest one-day drop in nearly a
Consumer discretionaries were up 1.2 percent,
helped by Dollar Tree, up 8.6 percent. The dollar-store
chain reported a better-then-expected quarterly profit.
Telecommunications were up 2.2 percent.
The Dow Jones industrial average was up 55.98 points,
or 0.3 percent, to 19,012.67, the S&P 500 gained 3.12
points, or 0.14 percent, to 2,201.3 and the Nasdaq Composite
added 11.27 points, or 0.21 percent, to 5,380.13.
The Dow took 121 trading days to move to 18,000 points from
17,000, but has since crawled along, taking another 483 days to
Medtronic tumbled 10.2 percent to $72.33 after the
medical device maker reported quarterly revenue that missed
expectations and cut its full-year adjusted earnings forecast.
Advancing issues outnumbered declining ones on the NYSE by a
2.09-to-1 ratio; on Nasdaq, a 1.33-to-1 ratio favored advancers.
The S&P 500 posted 51 new 52-week highs and 6 new lows; the
Nasdaq Composite recorded 280 new highs and 18 new lows.
(Additional reporting by Yashaswini Swamynathan and Tanya
Agrawal in Bengaluru; Editing by Nick Zieminski)