Dow opens above 23000, powered by IBM (IBM, ABT, CVS, CMG)

Posted October 20, 2017

The Dow Jones Industrial Average .DJI rallied on Wednesday to close above 23,000 for the first time, notching one of the shortest gallops between thousand-point milestones in a history spanning more than 100 years. "But for the bigger tech companies, people have high hopes".

The Dow Jones Industrial Average .DJI rose 114.49 points, or 0.5 percent, to 23,111.93. The latest 1,000-point increase was covered in roughly half the time it took the index to move from 21,000 to 22,000.

Seven of the 11 major S&P sectors were higher, led by a 0.31 percent gain in the financial index. Trump said Tuesday afternoon that the White House has been involved in the plan, which he called a "short-term deal". Shares of banks mostly slipped last week after they reported results.

Fifty companies are to report quarterly results this week, the first full week of the third-quarter earnings season.

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

End of Marawi conflict dawns after death of Omar Maute, Hapilon
Following his appointment, Hapilon, based in Basilan, combined his terror unit with the Maute Group in central Mindanao. Defence chiefs last month said other Philippine militant leaders had been killed in the battle for Marawi.

IBM shares, meanwhile, were up 7.8 percent at $158.74 in early morning trades after the tech giant disclosed it benefited from the United States dollar falling against the euro.

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

Gold fell $16.80, or 1.3 percent, to $1,286.20 an ounce.

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.