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Dow surges 100 points through 23000 as IBM shares jump

20 October, 2017, 00:14 | Author: Abraham Jackson
  • Wall Street shares reached new highs at the close

The reporting period heats up this week, and with the S&P 500 already up 14 percent so far this year, investors are hoping results and guidance will justify the relatively high valuation of stocks.

The index first breached the 23,000 milestone on Tuesday, but later dipped to close three points below the mark.

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

Shares of the largest USA health insurer UnitedHealth touched a life high and was last up 6.3 percent, after the company reported a stronger-than-expected profit and raised its full-year earnings forecast.

The dollar climbed higher, tracking higher U.S. Treasury yields, while news on a potential new hawkish Federal Reserve chair and the slow progress of U.S. tax reforms also supported the greenback.

Hopes of US tax reform have received a boost lately after the House passed a $4.1 trillion budget.

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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.

Seven of the 11 major S&P sectors were higher, led by a 0.31 percent gain in the financial index. Biogen rose $8.799, or 2.6 percent, to $344.47, while Anthem rose $3.50, or 1.9 percent, to $187.26.

Second, unlike the S&P 500, which is a market-cap-weighted index, the Dow is a price-weighted index. Apple shares gained 1.8 percent following a bullish brokerage call on the iPhone maker.

Advancing issues outnumbered decliners on the NYSE by 1,669 to 815.

More stocks fell than rose on the New York Stock Exchange.

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