Dow soars to open above 23000 for the first time

Todd Singleton
October 20, 2017

It came a day after the index broke through the 23,000 level for the first time, although it fell back to close below the milestone.

U.S. online streaming giant, Netflix, also posted better-than-expected earnings and revenue boosted by stronger-than-expected subscriber growth.

Solid earnings and hopes that President Donald Trump may be able to make progress on tax cuts have helped the market rally this year.

"We're in a sweet spot where the economy is growing not too strong and not too weak, the Fed's tightening but not too rapidly and earnings continue to expand".

JPMorgan Chase and Bank of America led gains in bank stocks, tracking a climb in U.S. Treasury yields, which benefits banks.

About 5.5 billion shares changed hands on USA exchanges. The report, due at 2:00 p.m. ET (1800 GMT), will likely show if inflation pressures are accelerating.

British pound sinks as BOE members signal unwillingness to raise rates
However, the British pound remained lower against the dollar despite confirmation of Carney's view on inflation. Others think it could lose credibility if it again fails to deliver on a rate hike it had hinted about.

Govt working on opening ayurveda hospital in every district, says Narendra Modi
Adding to his jibes, PM Modi said that those nations who leave their heritage behind are destined to lose their identity.

Vehicle bomb kills crusading Panama Papers journalist in Malta
While the perpetrators have not been identified, the violence is thought to have been linked to disputes between criminal gangs. The couple denied claims that they had used secret offshore bank accounts to hide payments from Azerbaijan's ruling family.

The Dow rose 40.48 points, or 0.2 percent, to 22,997.44. Biogen rose $8.799, or 2.6 percent, to $344.47, while Anthem rose $3.50, or 1.9 percent, to $187.26.

The tech-focused Nasdaq index dropped 3.44 points, to 6,620.57.

Health care companies posted some of the biggest gains after strong earnings from UnitedHealth Group and Johnson & Johnson were announced.

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

Winners and Losers: Freeport-McMoRan sunk 2.23 percent after Deutsche Bank downgraded the mining company's stock to "Sell".

Advancing issues outnumbered decliners on the NYSE by 1,669 to 815.

Other reports by Free-Prsite

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