Dow hits 23000 for the first time

Traders work on the floor of the New York Stock Exchange

The Dow Jones index hit the 23,000 points for the first time ever, but has since retreated from that record.

The Dow rose as gains in shares of UnitedHealth Group and those of Johnson & Johnson, recently up 6 percent and 3.5 percent respectively, outweighed declines in shares of Goldman Sachs and those of Visa, recently down 2.5 percent and 0.7 percent respectively.

The blue-chip index, which surpassed similar 1,000-point marks three times previously this year, has been steadily inching higher and is up 2.6 percent so far this month, putting it on track for a seventh straight monthly advance. Morgan Stanley's third-quarter profit rose 12 per cent, reflecting the strength of its wealth management business.

"There was some good earnings, real good economic data in spite of the hurricanes", Peter Cardillo, chief market economist at First Standard Financial in NY, told Reuters.

General Electric's 1.15 percent fall led losses in the industrial sector, while drop in shares of Microsoft and Intel weighed on the tech sector.

"Right now, we're contending with earnings season, and the fact that the market has run up, leading up to the earnings season".

Crude oil was about 0.25 percent higher with prices at $52 per barrel.

Also supporting the yields was a report that U.S. President Donald Trump was impressed by his meeting with economist John Taylor, who is considered to favor higher interest rates than current Federal Reserve Chair Janet Yellen.

In 2.32pm trading in NY, the Dow Jones Industrial Average rose 0.1 percent. In 2.18pm trading, the Standard & Poor's 500 Index inched 0.04 percent lower.

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.

Diffusion Pharmaceuticals Inc (NASDAQ:DFFN) shot up over 18% to US$1.90 after the firm said it had received FDA protocol guidance for Phase 3 clinical trial with TSC in patients newly diagnosed with inoperable glioblastoma multiforme.



Other news