United States stocks close mixed after earnings reports

Gladys Abbott
October 19, 2017

Meanwhile, the tech-rich Nasdaq index rose 7.2 points to 6,630.86.

Strong earnings results from IBM propelled the Dow 114.49 points - or 0.5 percent - at the open, sending the index of 30 blue chip stocks to 23,111.93.

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 report, due at 2:00 p.m. ET (1800 GMT), will likely show if inflation pressures are accelerating.

The other major stock indexes also hit new highs.

That, along with a 3.6 percent rise in Johnson & Johnson, led a 1.5 percent gain in the S&P healthcare sector.

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The Nasdaq added 0.56, reaching 6,624.22 at the session's end, while the S&P 500 set a new record of 2,561.26 - gaining 1.9 on the day.

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.

Goldman Sachs was another contributor to the Dow's gains, jumping almost 2 percent to $240.55 in early trades - just one day after the company reported results that beat expectations but still lagged peers.

Abbott rose 1.90 percent after the company's profit beat estimates on strong sales in its medical devices business. Industrial companies and banks slid.

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