The two day, 200-point rally we're currently riding could quickly come to an end if Washington lawmakers can't agree on a deal that will allow us to avoid falling over the fiscal cliff. But as for now, let the bulls run. The Dow Jones Industrial Average (DJINDICES:^DJI) continues to surge higher.
The index closed the day at 13,350, up 115 points, or 0.87%. And of the 30 stocks that make up the Dow, 26 of them were in the green when the bell rang. This afternoon I explained why General Electric (NYSE:GE) and Home Depot (NYSE:HD) were in the red. To read about those companies, click here. Three of today's biggest winners were Bank of America (NYSE:BAC), United Technologies (NYSE:UTX), and Boeing (NYSE:BA), which were all able to buck the Dow's losing trend today because of company-specific news.
So why were they higher?
For the second day in a row, shares of Bank of America ended the trading day up more than 3%. Yesterday, shares rose 3.28%, and today, they finished up 3.27%. The bank has been on a nice march higher these past few weeks and is now up 104% year to date. The stock has also set a number of new 52-week highs during this most recent rally and doesn't show any signs of slowing down. With Bank of America crushing the market this year, it has easily been one of the most talked about stocks during 2012. The only question most investors want to know now is whether Bank of America is still a buy. Find out by clicking here now.
Shares of United Technologies were up 2.8% today. With many investors believing that a deal to avert the cliff is very likely at this time, they're now buying back the stocks that would have been hit the worst, had the politicians allowed the country to take the dive off the edge. The automatic government spending cuts would have really hurt a company like United Tech because of the large amount of government contracting business the company either directly or indirectly has through it clients. Investors should keep an eye on Washington if you own or are thinking about purchasing United Technologies shares, but if you're the latter, you may want to wait for a deal to be made before buying into a stock that probably has more downside than upside in the near future.
Even though Boeing lost a major contract to Airbus today, the company's shares ended the day higher by 1.17% as Boeing decided to increase its dividend by roughly 10%. The previous quarterly dividend payment of $0.44 per share was increased to $0.485. At the current share price of $75.52, the new dividend yield will be 2.56%.
Fool contributor Matt Thalman owns shares of Bank of America. The Motley Fool owns shares of Bank of America and General Electric. Motley Fool newsletter services recommend Home Depot. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.