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ERROR: type should be string, got "https://www.barrons.com/articles/dow-keeps-on-chugging-to-another-record-high-1537565133\nDow Keeps on Chugging to Another Record High\nSept. 21, 2018 5:25 pm ET\nTraders on the floor of the New York Stock Exchange. Getty Images\nSummer’s Over. The Dow Jones Industrial Average held onto its gains to notch a fresh high, but the S&P 500 and Nasdaq Composite fell into the red as Friday drew to a close. Summer, and investor enthusiasm, may not be endless, but markets are still feeling optimistic that tariff troubles can be resolved. In today’s After the Bell we…\n…gander at the Dow’s new record;\n…look at how an upgrade boosted IPG Photonics (IPGP);\n…and how a downgrade sank Copart (CPRT).\nHighs & Tries\nThe Dow Jones Industrial Average gained 86.52 points, or 0.32%, to 26,743.50. The S&P 500 lost 1.08 points, or 0.04%, 2929.67, and the Nasdaq Composite fell 41.28 points, or 0.51%, to 7986.96.\nAgain, there was little in the way of headlines, but optimism remains that the ongoing trade disputes will be at least partly resolved at some point, and that in the interim, the U.S. will be a beacon of strength.\n“Trade disputes are likely to be a persistent issue rather than an acute issue,” writes Evercore ISI’s Dennis DeBusschere. As issues in Europe, from Brexit to Turkey, begin fading, solid earnings and economic activity are once again on display. Investors like what they see.\nAfter all, between good global growth, sluggish inflation and still-low interest rates, what’s not to admire? UBS’s Mark Haefele writes that he still sees the “outlook as broadly positive for well-diversified investors.” Valuations don’t seem too high, and although total returns are probably unlikely to keep up with recent years’ blistering pace, “forward-looking portfolio returns still look attractive—especially versus cash, where yields have risen but remain near record lows.”\nHe warns that volatility is likely here to stay, as tariff battles intensify, but says it won’t likely be a buzzkill. Haefele boosted his overall exposure to risky assets, reasoning that the “the limited reaction to recent tariff announcements shows that the market has begun to digest some of the trade concerns.”\nDWS’s Josh Feinman agrees that while trade tensions are probably going to be with us for a while, the macro backdrop is still “broadly supportive” of risk assets. Still, he writes that over time the bull market, and the fundamentals that created it, may be victims of their own success. The market may begin to fret about the “sustainability of the current sweet spot of the economic cycle in the US. The longer growth stays above potential, the tighter labor markets become, and the more the Federal Reserve hikes, the greater the risk that financial markets turn more cautious, increasingly aware that the most favorable phase of the economic cycle for financial assets may be behind us.”\nThat’s a sobering thought, especially ahead of next week’s Federal Reserve meeting, where odds put an rate increase right around 100%. And the latest round of U.S. tariffs on Chinese goods goes into effect Monday.\nBut that’s no reason to roll into the weekend on a gloomy note. After all, as NatWest’s Michelle Girard notes, the “implementation of a 10% tariff on an additional $200 billion in imports should have only a marginal impact on [the nation’s] $20 trillion dollar economy.” Yes, the longer the trade issue lingers, the more time investors have to worry about it, but we’ve already run down a laundry list of reasons why it’s not at the forefront among their concerns.. Autumn may start tomorrow, but that doesn’t mean it has to bring a fall.\nThe Hot Stock\nIPG Photonics (IPGP) shot to the top of the S&P 500, helped by an analyst upgrade.\nIPG rose $6.78, or 4.2%, to $169.34.\nRaymond James’s Brian Gesuale upgraded the stock to a Strong Buy from a Market Perform, and established a $212 price target. He writes that the move comes after the stock sold off 36% after its second-quarter earnings report. “The upgrade reflects our view that the stock’s valuation is now compelling, the company’s cost downs should enable margin stability during a more aggressive pricing cycle, and the demand environment is showing very early signs of a rebound,” he says.\nIPG Photonics is down 20.9% year to date, and has fallen 7.6% in the past 12 months.\nThe top five stocks in the S&P 500\nIPG Photonics (IPGP): 4.2%\nAmerican Airlines Group (AAL): 4.1%\nUnder Armour Class C (UA): 3%\nUnder Armour Class A (UAA):2.9%\nMcDonald’s (MCD):2.8%\nCopart (CPRT) fell to the bottom of the index, following an analyst downgrade.\nCopart lost $3.55, or 6.3%, to $52.58.\nJPMorgan’s Ryan Brinkman cut his rating on Copart to Underweight from Neutral and lowered his price target on the shares by $1, to $47, citing high valuation and the company’s soft fourth-quarter earnings, which sank the shares earlier this week.\nYear to date, Copart is up 21.7%, and the stock has gained 55.6% in the past 12 months.\nThe bottom five stocks in the S&P 500\nCopart (CPRT): -6.3%\nTwitter (TWTR): -4.5%\nDarden Restaurants (DRI): -3.1%\nMicron Technology (MU): -2.9%\nChipotle Mexican Grill (CMG): -2.7%\nSummer’s Over."