The Dow Jones Industrials and the S&P 500 are diverging even more than usual today. As I write the Dow is up 75 points, or .8 percent, while the S&P is up only 2 points, or .2 percent. The difference is accounted for by only four Dow stocks, all of which are having a great day. 3M and Travelers are both up by about $2.50 per share. McDonald's is up $1.65 and IBM is up $1.20. Between them those four stocks account for 60 points in the Dow's increase today.
It's another example of how the Dow is a lousy indicator for the overall market. The S&P is a better gauge of what's going on with big-cap stocks.