Dow hits 23,000 for first time, continuing record run

Tuesday, 17 October 2017, 11:58:31 PM. The Dow Jones Industrial Average passed another milestone, topping 23,000 for the first time, as strong earnings from UnitedHealth Group Inc. and Johnson &
The passed another milestone, topping 23,000 for the first time, as strong earnings from UnitedHealth Group Inc. and Johnson & Johnson helped push the more than century-old gauge to a record. It's the sixth 1,000-point milestone reached in the past 12 months and the fifth since was elected president in November. The Dow average added 0.2 percent, or 44 points, to 23,000 at 11:06 a.m. in New York before retreating. It was at 22,977 at 11:33. Even as political risks persist from Spain to North Korea and Washington, the latest thousand-point climb took only 76 days. The rally came amid a synchronized advance in the global economy with only tepid inflation that has enabled central banks to leave stimulus in place. At the same time, investors are speculating Republicans will deliver tax cuts and corporate profits look set to expand again. Round-number milestones are routinely dismissed by the professional investor class as noise. But it's a sign the bull market just keeps chugging along and investors don't want to miss out, said Howard Silverblatt, senior index analyst at S&P Global. "If I'm on the side, does that push me to get in?" he said. "Psychologically do I look at that and say 'I'm missing out on this market, I'm sitting on the sidelines."' Of course, as the numbers get higher, the proportions get smaller: the trip from 22,000 to 23,000 was 4.5 percent compared with 8.3 percent from 12,000 to 13,000. It's still impressive Silverblatt said. "Yes, each 1,000 gets less of a...Read more
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