Toronto stock market lower as Dow Jones cruises past 23000 record

Toronto stock market lower as Dow Jones cruises past 23000 record

Toronto stock market lower as Dow Jones cruises past 23000 record

All three major indexes posted record highs on Wednesday, with the Dow rallied over 160 points to break the 23,000-threshold.

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.

"Looks like it's set for a good start, largely driven by strong earnings and positive economic growth", said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

"It's clear what stocks have celebrated this year, and that is the global growth rebound and hopes for United States tax cuts, along with a year of still massive QE from the European Central Bank and BoJ".

JPMorgan Chase and Bank of America led gains in bank stocks, tracking a climb in U.S. Treasury yields, which benefits banks.

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At 9:38 a.m. ET (1338 GMT), the Dow Jones Industrial Average was up 116.49 points, or 0.51 percent, at 23,113.93, the S&P 500 was up 3.7 points, or 0.14 percent, at 2,563.06 and the Nasdaq Composite was up 6.91 points, or 0.10 percent, at 6,630.57.

The S&P 500 was flat, with financials the biggest drag. Apple shares gained 1.8 percent following a bullish brokerage call on the iPhone maker. Biogen rose $8.799, or 2.6 percent, to $344.47, while Anthem rose $3.50, or 1.9 percent, to $187.26.

Advancing issues outnumbered decliners on the NYSE by 1,669 to 815.

Hopes of US tax reform have received a boost lately after the House passed a $4.1 trillion budget.

More stocks fell than rose on the New York Stock Exchange.

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