Dow opens above 23000 on strong IBM results

Dow opens above 23000 on strong IBM results

Dow opens above 23000 on strong IBM results

Oct 18 (Reuters) - The Dow Jones Industrial Average rallied above the 23,000-mark on Wednesday, propelled by IBM's 9 percent surge after the computing giant hinted a return to revenue growth.

The Dow may in the near term have a hard time sustaining a move above 23,000, said Robert Pavlik, chief market strategist at Boston Private Wealth in NY.

Frank Cappelleri, executive director of Instinet and technical analyst, said, while you might not read too much into the Dow's failure to close out above 23,000 immediately, it is worth watching how the market holds up in the coming days.

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 Dow Jones Industrial Average added 40.48 points or 0.18 per cent to 22,997.44.

The S&P 500 increased nearly two points to finish at 2,561. The Nasdaq Composite Index was down 0.35 points or 0.01 per cent to 6,623.66. Shares of Anthem (ANTM.N) were up 1.9 percent, while shares of Tenet Healthcare (THC.N) were up 5.3 percent.

Shares of Wells Fargo, Bank of America and Goldman Sachs rose between 1.2 percent and 2.2 percent.

Netflix (NFLX.O) slipped 1.6 percent after touching a record high as more subscribers signed up for its original content in the latest quarter.

The 30-stock index is on track for a third session of gains, and on Friday the Dow posted a fifth straight week of gains.

Advancing issues outnumbered decliners on the NYSE by 1,434 to 1,358.

Despite Republicans being in control of all three houses of government in the US, many are concerned that they will never be able to pass the legislation that Trump and other prominent lawmakers have promised.

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