It's not every day that the Dow Jones Industrials (^DJI -0.11%) set a new all-time high. For the first time in more than five years, the Dow set a new record, rising more than 125 points to close at 14,254, well above its former closing record of 14,164. With that milestone behind them, investors will now turn their attention to the S&P 500, which is now less than 2% below its closing record high of 1,565.
Today's rally was broad-based, with only two losing stocks in the Dow. One was Coca-Cola (KO 1.50%), which fell 0.4%. Fool contributor Alex Planes suggested earlier today that news from rival Dr Pepper Snapple might have sent Coke's shares lower, but the other issue Coca-Cola faces is simply that with slow growth and defensive characteristics, the stock isn't a favored place for investors during big bull markets like we've seen lately. The other Dow loser was Merck, which fell 0.2%.
Elsewhere, Impax Labs (IPXL) fell more than 25% when an FDA inspection of a California manufacturing facility found a dozen problems, three of which had already been cited in a previous 2011 warning letter. Despite the unquestionable promise of Parkinson's drug Rytary, Impax needs to get its internal operations in better shape to comply with regulatory requirements and bring the drug through the approval process to market.
Finally, SandRidge Energy (NYSE: SD) dropped 4.5%, with an even bigger 11% decline for its SandRidge Mississippian Trust I (SDTTU). Despite impressive dividend yields, SandRidge's trusts have fallen short of distribution targets even as production has ramped up, and that's weighing on the parent entity as well. Still, if rock-bottom prices for natural gas ever recover, SandRidge has positioned itself to post impressive gains in the future.
