Dow Jones Industrial Average
set a record, but it was not a day for celebrating, Aaron Task says on Tuesday's
"The Real Story" podcast. "The bulls had everything they wanted but couldn't advance the ball."
A "perfect storm" of tame CPI data and weak results from retailers
sent stocks higher early on amid hopes the
has the "cover" to cut rates, Task says. But the early gains were eroded by weakness in tech stocks such as
, which did report stronger-than-expected results after the close.
Whether AMAT's results will be enough to reverse the tide in tech stocks remains to be seen. But it's notable that the Philadelphia Stock Exchange Semiconductor Index hit a 52-week high late last Wednesday, which may have been the peak of the recent rally rather than a sign of better times ahead, Task says.
On a day when tech stocks faltered and the Dow utilities average joined the DJIA in record territory, Task welcomed Don Schreiber, CEO of WBI Investments and author of
All About Dividend Investing
to the show.
"As the U.S. population ages, people are going to be looking for more income and are going to increasingly turn to dividend-paying stocks," Schreiber says. In addition to traditional dividend-payers such as utilities and financials, Schreiber finds "stocks in all industries and all cap sizes" with healthy yields, citing Canadian biotech firm
as an example.
In the remainder of the podcast, Task reviewed the state of the U.S. auto industry the day after
blockbuster deal to unload Chrysler to Cerberus Capital.
He also discussed the day's other corporate news, including
latest misery, and big gains for
here to listen to the entire podcast.