Dow opens above 23000, powered by IBM (IBM, ABT, CVS, CMG)

by Sophie Craig October 21, 2017, 0:35
Dow opens above 23000, powered by IBM (IBM, ABT, CVS, CMG)

"Their values are going up every single day", Trump said Wednesday.

Shares of the largest US health insurer UnitedHealth (UNH.N) touched a life intraday high and closed up 5.5 percent after the company reported a stronger-than-expected profit and raised its full-year earnings forecast.

The Dow Jones Industrial Average closed above 23,000 points for the first time Wednesday as IBM shares performed their best in more than eight years.

The S&P 500 increased nearly two points to finish at 2,561.

Solid earnings, stable economic growth and hopes that President Donald Trump may be able to make progress on tax cuts have helped the market rally this year.

"23,000 is not the number you watch, it's 25,000", Bruce Bittles, chief investment strategist at Baird, told The Post Tuesday after the Dow hit 23,000.

NYPD to Re-Examine Harvey Weinstein Sexual Assault Probe, Sources Say
Weinstein's pattern of mistreating women, as recounted in recent reports, is disgraceful and shocks the conscience". Weinstein says he is taking a "leave of absence" from The Weinstein Company and is working with a therapist.

Strong earnings results from IBM propelled the Dow 114.49 points - or 0.5 percent - at the open, sending the index of 30 blue chip stocks to 23,111.93. The Nasdaq Composite Index was down 0.35 points or 0.01 per cent to 6,623.66.

Investors are also awaiting the Fed's issue of the Beige Book, a periodic snapshot on the health of the US economy.

Goldman Sachs rose 2.5 percent on the Dow, too.

More than 80pc of firms which have reported this earnings season beat analyst expectations on the bottom line.

The financial index jumped 0.65 percent, led by bank stocks, which gained from a surge in treasury yields and bullish calls by brokerages. That compares with the 5.9 billion daily average for the past 20 trading days, according to Thomson Reuters data.


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