Dow ends at record after strong Caterpillar, 3M earnings

Dow ends at record after strong Caterpillar, 3M earnings

Around noon, the Dow Jones Industrial Average jumped 192.06 points, or 0.83 percent, to 23,466.02.

The Dow surged to another record Tuesday, fueled by huge gains by industrial heavyweights Caterpillar and 3M after strong earnings. The Dow's gains were powered by strong quarterly earnings from heavy-machinery manufacturer Caterpillar Inc.

McDonald's, another Dow component, rose 0.3 percent after reporting a 47.7 percent increase in quarterly earnings to $1.9, behind good sales in the US, China and other key markets.

The Standard & Poor's 500 index rose 4.15 points, or 0.2 percent, to 2,569.13. The index hit another intraday record high and was on track to post its biggest intraday percentage gain since September 11.

GM was also standing higher despite reporting an enormous third quarter loss of $2.98bn or -$2.03 on a per share basis, versus $1.76 per share of profits a year ago.

CEO Jim Umpleby, who took over in January, has Caterpillar on track for its first annual sales gain since 2012 amid a broad-based recovery across industries and regions.

Strong earnings and optimism about President Donald Trump's tax plans helped the Dow and S&P close at a record high on all five trading days last week.


Third-quarter earnings season has been largely positive, with three quarters of the 97 S&P 500 companies that have reported results as of Monday beating profit estimates.

Biogen slipped 4.61 percent after reporting disappointing U.S. sales of a potential blockbuster drug, Spinraza.

Offsetting some of the day's gains, Biogen slipped 3.4 percent after disappointing USA sales of a potential blockbuster drug, Spinraza.

The benchmark KOSPI edged up less than zero.1 percent to finish at 2,490.4-9.

General Motors rose 2.50 percent after the No.1 U.S. automaker reaffirmed its full-year earnings forecast and promised to slash stocks of unsold vehicles.

The Russell 2000 is up 143.29 points, or 10.6 percent.

Advancing issues outnumbered decliners on the NYSE by 1,550 to 1,165. Brent crude futures rose 98 cents, or 1.7%, to $58.35 a barrel.

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