Dow Jones closes above 23000 for the first time

Oscar Cross
October 21, 2017

"It may take several days or a couple of weeks", he said.

"The U.S. economic fundamentals are pretty good".

Oct 18 (Reuters) - The Dow Jones Industrial Average opened above 23,000 for the first time on Wednesday, powered by IBM, which hinted at a revival in its growth after six years in retreat.

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 Dow may in the near term have a hard time sustaining a move above 23,000, said Robert Pavlik, chief market strategist at Boston Private Wealth in NY.

Johnson & Johnson reported better-than-expected quarterly results, driven by its pharmaceutical business and its recent acquisition of Swiss biotech Actelion.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 13, 2017.

UnitedHealth Group Inc beat investors' expectations in its third-quarter earnings report.

At 12:39 a.m. ET, the Dow Jones Industrial Average was up 147.24 points, or 0.64 percent, at 23,144.68, the S&P 500 was up 3.07 points, or 0.12 percent, at 2,562.43 and the Nasdaq Composite was up 8.21 points, or 0.12 percent, at 6,631.87.

Goldman Sachs was another contributor to the Dow's gains, jumping almost 2 percent to $240.55 in early trades - just one day after the company reported results that beat expectations but still lagged peers.

The financial index jumped 0.65 percent, led by bank stocks, which gained from a surge in treasury yields and bullish calls by brokerages.

About 5.5 billion shares changed hands on US exchanges.

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