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Wednesday, November 22, 2017

Dow breaches 23,000, closes at record high

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By AFP

New York – The Dow edged to a fresh record Tuesday, briefly topping 23,000 points for the first time, following a batch of mostly good earnings.

Big gains by health care companies Johnson & Johnson and United Healthcare following earnings led the blue-chip index to another record.

The Dow Jones Industrial Average finished at 22,997.44, up 0.2 percent after earlier hitting 23,002.20.

The broad-based S&P 500 gained 0.1 percent to 2,559.36, also a record, while the tech-rich Nasdaq Composite Index lost a hair at 6,623.36.

US stocks have broken numerous records since President Donald Trump last month released an outline of his tax cut plan. Other key factors behind the boom include relatively low interest rates and solid earnings.

Analysts described sentiment as modestly positive.

”Good earnings news was already priced in to the stocks and the broader market,” said Briefing.com analyst Patrick O’Hare.

”The inference is that there isn’t much selling pressure no matter the news, as market participants are holding fast to the supports of low interest rates, continued earnings growth, and the prospect of tax reform that is leading them to defer taking long-term capital gains.”

United Healthcare shot up 5.6 percent after lifting its full-year forecasts and pointing to broad-based growth throughout its insurance network.

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