Breaking News
0

Dow pierces 23,000 but ends below milestone

Stock MarketsOct 17, 2017 06:23PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Specialist trader Michael Pistillo Jr. wears a Dow 23,000 hat at his post on the floor of the NYSE in New York

By Caroline Valetkevitch

NEW YORK (Reuters) - The Dow Jones Industrial Average briefly broke above the 23,000-point mark for the first time on Tuesday, driven by strong earnings from UnitedHealth and Johnson & Johnson, but finished the session just below that milestone.

The blue-chip index, which surpassed similar 1,000-point marks three times previously this year, has been steadily inching higher and is up 2.6 percent so far this month, putting it on track for a seventh straight monthly advance.

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

"My view is it may pull back before staying above" that level. "It may take several days or a couple of weeks," he said.

"Right now, you're contending with earnings season and the fact that the market has run up leading up into the earnings season," Pavlik said.

Recent strong economic data and renewed hope that President Donald Trump may be able to make progress on tax reform also have helped lift stocks in recent weeks.

Shares of the largest U.S. health insurer UnitedHealth (N:UNH) touched a life intraday high and closed up 5.5 percent after the company reported a stronger-than-expected profit and raised its full-year earnings forecast.

Johnson & Johnson (N:JNJ), up 3.4 percent, also posted better-than-expected results and raised its forecast, leading a 1.3 percent gain in the S&P healthcare sector (SPXHC).

The Dow Jones Industrial Average (DJI) rose 40.48 points, or 0.18 percent, to end at 22,997.44, a record closing high. It rose as high as 23,002.20 during the session.

The S&P 500 (SPX) gained 1.72 points, or 0.07 percent, to 2,559.36, also a record high close. The Nasdaq Composite (IXIC) dipped 0.35 point, or 0.01 percent, to 6,623.66.

Also boosting some health insurers and U.S. hospital operators was news of a bipartisan deal in the U.S. Senate to stabilize Obamacare. Shares of Anthem (N:ANTM) were up 1.9 percent, while shares of Tenet Healthcare (N:THC) were up 5.3 percent.

Financials were the biggest drag on the S&P 500, with shares of Goldman Sachs (N:GS) down 2.6 percent despite reporting a profit beat and smaller-than-expected trading revenue fall.

Netflix (O:NFLX) slipped 1.6 percent after touching a record high as more subscribers signed up for its original content in the latest quarter.

After the bell, shares of International Business Machines (N:IBM) were up 4.9 percent after the company reported revenue that beat analysts' expectations. The stock ended the regular session down 0.2 percent at $146.54.

During the session, declining issues outnumbered advancing ones on the NYSE by a 1.37-to-1 ratio; on Nasdaq, a 1.72-to-1 ratio favored decliners.

About 5.5 billion shares changed hands on U.S. exchanges. That compares with the 5.9 billion daily average for the past 20 trading days, according to Thomson Reuters data.

Dow pierces 23,000 but ends below milestone
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email