Dow hits 23000 for the first time

Closing Indexes Summary Oct 16

Closing Indexes Summary Oct 16

Stocks boosting the blue-chip index included insurer UnitedHealth and Johnson & Johnson, which reported better-than-expected earnings.

Shares have mounted their historic rally amid continued optimism on Wall Street over President Trump's plans to slash taxes and regulations.

"There was some good earnings, real good economic data in spite of the hurricanes", said Peter Cardillo, chief market economist at First Standard Financial in NY. "We don't think we're in a situation where we have an inflationary bubble or an unsustainable set of prices in the asset markets", he said. The market from a technical perspective is exhausted. CNN is reporting that it's up more than 4,600 points since election. It finished for the first time above 22,000 on August 2, 2017.

Technology stocks .SPLRCT were also down, led by a 0.33 percent fall in Apple, a day after it gained 1.5 percent.

The three major US stock indexes rose to record closing highs on Monday, with the Dow coming within 50 points of the 23,000 mark.

Seven of the 11 major S&P indexes were lower, led by a 0.37 percent drop in telecom services index .SPLRCL .

Boeing's 1 percent decline, after Airbus SE agreed to take a majority stake in Bombardier's CSeries jetliner program, weighed on the industrial sector .SPLRCI . On the Nasdaq, 1,248 issues fell and 1,011 advanced.

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