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Dow cracks 23,000 mark for the first time

It's helped by a rally in shares of UnitedHealth and Johnson & Johnson

Reuters 

Five of the 11 major S&P sectors, including industrials and materials gained, more than 1% (Photo: Reuters)

The Industrial Average breached the 23,000 mark for the first time on Tuesday led by more than 5% gain in


The broader market however was weighed down by losses in industrial, financial and technology stocks.

Shares of the largest U.S. health insurer touched a record high after the company reported a stronger-than-expected profit and raised its full-year earnings forecast.

That, along with a 2.4% rise in Johnson & Johnson, led a 0.92% gain in the S&P healthcare sector.

Goldman Sachs dipped 1% despite reporting a profit beat and smaller-than-expected trading revenue fall. Morgan Stanley rose 1.4% as wealth management business insulated the bank from weakness in trading revenue.

"There was some good earnings, real good economic data in spite of the hurricanes," said Peter Cardillo, chief market economist at First Standard Financial in New York.

"We're not seeing a market that's galloping along here. The market from a technical perspective is tired. What you're seeing is some hesitancy but not any major declines."

U.S. Treasury yields rose after strongest reading on import prices in more than a year pushed inflation expectations higher.

Also supporting the yields was a report that U.S. President Donald Trump was impressed by his meeting with economist John Taylor, who is considered to favor higher interest rates than current Federal Reserve Chair Janet Yellen.

At 11:11 a.m. ET (1511 GMT), the Industrial Average was up 40.93 points, or 0.18%, at 22,997.89, the was up 0.4 points, or 0.015639%, at 2,558.04 and the Nasdaq Composite was up 2.90 points, or 0.04%, at 6,626.90.

General Electric's 1.15% fall led losses in the industrial sector, while drop in shares of Microsoft and Intel weighed on the tech sector.

Seven of the 11 major S&P indexes were lower, led by a 0.39% drop in industrials and material index.

Netflix slipped 1.15% after touching a record high as more subscribers signed up for its popular original content in the latest quarter.

Declining issues outnumbered advancers on the NYSE by 1,502 to 1,205. On the Nasdaq, 1,383 issues fell and 1,311 advanced.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, October 17 2017. 20:56 IST
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