Riding High: Dow Jones Just Hit the 23000 Mark

21 October, 2017, 00:33 | Author: Pamela Mathis
  • Image Traders celebrate on the main trading floor of the NYSE as the Dow Jones Industrial Average passes 20,000 after opening of trading session in New York

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

It took the index 107 trading sessions from its first close above 21,000 on March 21 to 22,000 but only 24 sessions to move from 20,000 to 21,000 earlier this year, tied for the shortest such span in its history.

The S&P and the Nasdaq also notched opening records on gains across the board.

The Dow is up 16.4 percent through Tuesday's close, thanks in part to optimism that about tax reform and other business-friendly policies proposed by President Trump.

The gains have been driven by stronger than expected earnings for many USA companies, as well as the hopes of those companies that President Trump's tax reform plan could lower taxes on them. "All the news is positive".




About 5.5 billion shares changed hands on USA exchanges. The report, due at 2:00 p.m. ET (1800 GMT), will likely show if inflation pressures are accelerating.

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. Both the S&P 500 and the tech-heavy Nasdaq indices also hit fresh highs today.

Winners and Losers: Freeport-McMoRan sunk 2.23 percent after Deutsche Bank downgraded the mining company's stock to "Sell".

Anthem gained about 5 percent after the health insurer said it signed an agreement with CVS Health to support the company's new pharmacy benefit management business.

Here at home, the TSX has seen much more conservative growth having risen around 1,000 points in the 12 months.

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