BUSINESS Dow Passes 23,000 for the First Time, Fueled by Strong Earnings

BUSINESS

Dow Passes 23,000 for the First Time, Fueled by Strong Earnings

Sarah Ponczek | Bloomberg

01:30, October 18, 2017

The Dow Jones Industrial Average 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 Donald Trump 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.

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.

The Trump administration’s promise of big tax cuts and deregulation has provided a boon to financial institutions.



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