U.S. markets are climbing after an early sell-off.
The S&P 500 just touched 1,725.6, passing its September 18 all-time closing high.
All of this comes a day after President Obama signed into law a a deal to raise the U.S. debt ceiling and end the government shutdown.
But the Dow is off by 68 points or 0.4%.
The Dow is getting slammed by sell-offs IBM and Goldman Sachs, two of the three largest constituents of the index.
You see, the Dow is a price-weighted index, which means a stock with a high per-share price will have a greater influence on the index’s fluctuation. A one-point move in any single Dow stock moves the Dow by 6.4219 points.
IBM is down $US10.30, which hacks 66 points from the Dow.
Goldman is down $US3.98, which shaves 25 points from the Dow.
So that’s 91 points of the sell-off in the Dow. (Note: Gains in Dow components American Express and Verizon are offsetting some of these declines.