The Dow Jones Industrial Average opened at its first all-time high of the year on Friday as shares of health care giant UnitedHealth Group (UNH) soared.
The Dow opened 0.5% higher to trade at about 45,150 Friday morning, leapfrogging its prior record of 45,073 set in early December. UnitedHealth Group led the index higher, rising nearly 12% after a regulatory filing Thursday afternoon revealed Warren Buffett’s Berkshire Hathaway (BRK.B) had taken a $1.6 billion stake in the company.
The Dow is the last of the major large-cap indexes to set a record high this year. The S&P 500 and Nasdaq Composite have closed at records 18 and 20 times, respectively, since the start of the year. The majority of those came in July, when solid earnings reports helped allay some lingering fears about the effect tariffs could have on corporate America’s profits.
The Dow started 2025 off on the back foot, mostly because of the stock that’s fueling its gains today. UnitedHealth Group shares tumbled last December after the CEO of its insurance arm, Brian Thompson, was fatally shot in Manhattan. The shooting reignited debate over U.S. health care costs and intensified criticism of pharmacy benefit managers, including UnitedHealth’s OptumRx.
UnitedHealth and other insurers continued to struggle in the new year as elevated health care costs crimped their results and federal regulators scrutinized industry billing practices. By early August, UnitedHealth was trading more than 60% off its all-time high set in November.
For the Dow to close at a record high, it will need to close above 45,014.04, about 0.2% above its close on Thursday. The index was up 0.2% at 44,995 in recent trading.