Dow soars to open above 23000 for the first time

Laverne Mann
October 20, 2017

NEW YORK, Oct 16 (Reuters) - All three major USA stock index rose to record closing highs on Monday, with the Dow Jones Industrial Average less than 50 points below 23,000, ahead of a long list of earnings this week and as financial shares recovered from last week's losses.

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.

At 9:38 a.m. ET (1338 GMT), the Dow Jones Industrial Average was up 116.49 points, or 0.51 percent, at 23,113.93, the S&P 500 was up 3.7 points, or 0.14 percent, at 2,563.06 and the Nasdaq Composite was up 6.91 points, or 0.10 percent, at 6,630.57. Both the S&P 500 and the tech-heavy Nasdaq indices also hit fresh highs today. On the Nasdaq, 1,569 issues rose and 746 fell. The company's stock rose 3.43 per cent to close at 140.79 United States dollars a share on Monday.

While only a few companies have reported results so far, earnings are mostly looking good, noted Erik Davidson, chief investment officer for Wells Fargo Private Bank.

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Second, unlike the S&P 500, which is a market-cap-weighted index, the Dow is a price-weighted index.

The Canadian dollar was trading at an average price of 80.09 cents United States, up 0.40 of a cent.

Benchmark U.S. crude gained a penny to settle at $51.88 a barrel on the New York Mercantile Exchange.

The December gold contract was down US$3.20 to US$1,283.00 an ounce and the December copper contract was down two cents to US$3.18 a pound.

Other reports by MaliBehiribAe

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