Dow opens above 23000 on strong IBM results

Ivan Schwartz
October 19, 2017

The Dow Jones Industrial Average added 40.48 points or 0.18 per cent to 22,997.44.

The Toronto Stock Exchange's S&P/TSX composite index was down 34.74 points to 15,782.16.

The Dow had briefly surpassed the all-time peak on Tuesday but closed 3 points short of it.

Netflix slipped 1.5 percent after touching a record high as more subscribers signed up for its popular original content in the latest quarter.

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.

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"My view is it may take several days or a couple of weeks before it can sustain a level above 23,000", said Robert Pavlik, chief market strategist at Boston Private Wealth in NY. The report, due at 2:00 p.m. ET (1800 GMT), will likely show if inflation pressures are accelerating.

Other indices also opened in the green Wednesday morning.

The Standard & Poor's 500 index edged up 1.7 points to 2,559. Both the S&P 500 and the tech-heavy Nasdaq indices also hit fresh highs today.

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. Industrial companies and banks slid.

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