Dow soars to open above 23000 for the first time

Posted October 20, 2017

"But for the bigger tech companies, people have high hopes".

Further support came from American banks, with Bank of America, Goldman Sachs and Wells Fargo all making gains, helping the Dow to hit new record highs.

At 9:38 a.m. ET (1338 GMT), the Dow Jones Industrial Average was up 116.49 points, or 0.51 percent, at 23,113.93, the S&P 500 was up 3.7 points, or 0.14 percent, at 2,563.06 and the Nasdaq Composite was up 6.91 points, or 0.10 percent, at 6,630.57.

The blue-chip index has surpassed four similar 1,000-point milestones this year, indicating investor faith in the bull-run despite lofty stock valuations.

Other indices also opened in the green Wednesday morning.

The S&P 500 financial index rose 0.6 percent after three days of losses.

Abbott rose 1.63 percent after the company's profit beat estimates, driven by strong sales in its medical devices business.

Shares of Netflix fell 1.6 percent after the streaming-video company said its debt and programming costs continue to rise as it gained subscribers last quarter.

The S&P 500 was flat, with financials the biggest drag.

IBM shares, meanwhile, were up 7.8 percent at $158.74 in early morning trades after the tech giant disclosed it benefited from the U.S. dollar falling against the euro.

Investors are also awaiting the Fed's issue of the Beige Book, a periodic snapshot on the health of the USA economy.

The December gold contract was down US$3.20 to US$1,283.00 an ounce and the December copper contract was down two cents to US$3.18 a pound.