Technology

Dow surges 100 points through 23000 as IBM shares jump

Dow surges 100 points through 23000 as IBM shares jump

The index first breached the 23,000 milestone on Tuesday, but later dipped to close three points below the mark.

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

"It's clear what stocks have celebrated this year, and that is the global growth rebound and hopes for United States tax cuts, along with a year of still massive QE from the European Central Bank and BoJ".

"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".

The dollar climbed higher, tracking higher U.S. Treasury yields, while news on a potential new hawkish Federal Reserve chair and the slow progress of U.S. tax reforms also supported the greenback. The report, due at 2:00 p.m. ET (1800 GMT), will likely show if inflation pressures are accelerating. S&P 500 companies are forecast to deliver 3.3 percent earnings growth in the third quarter, according to S&P Global Market Intelligence.

The Dow Jones Industrial Average .DJI rose 114.49 points, or 0.5 percent, to 23,111.93. JPMorgan was up 2.1 percent, while Bank of America was up 1.6 percent.

Also on Wednesday, the wider S&P 500 index edged up 2.86 points to reach 2,562.22. Apple shares gained 1.8 percent following a bullish brokerage call on the iPhone maker.

Declining issues outnumbered advancing ones on the NYSE by a 1.02-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favored decliners.

More stocks fell than rose on the New York Stock Exchange.


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