Economy

Dow rallies on strong earnings from 3M, Caterpillar

Dow rallies on strong earnings from 3M, Caterpillar”

Oct 24 (Reuters) - A surge in the shares of industrial giants Caterpillar and 3M catapulted the blue-chip Dow Jones index to a fresh record on Tuesday.

But the financial index, up 0.9 percent, gave the S&P 500 its biggest boost, followed by technology, up 0.5 percent.

Stocks scored a win following a solid batch of quarterly earnings, with the Dow surging 168 points to hit another record closing high after Caterpillar and 3M reported particularly strong Q3 results.

Apple slipped 0.7 percent after report that the company would settle for half its planned iPhone X shipments this year.

"At these levels, only companies that have both top-line and bottom-line beats could make the market move higher", said Rick Meckler, president of hedge fund LibertyView Capital Management LLC in Jersey City, New Jersey.

S&P 500 e-minis were up 2.5 points, or 0.1 percent, with 109,088 contracts traded.

The industrial, safety and consumer products company reported third-quarter earnings of 2.33 dollars per share, an increase of 8.4 percent versus the third quarter of 2016, with sales of 8.2 billion dollars, up 6.0 percent year-on-year.

Six of the 11 major S&P indexes were higher, led by the industrial sector.

Strong earnings and optimism about Trump's tax plans have boosted stocks in recent sessions.

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

That along with a 1.5 percent drop in Johnson & Johnson and 2.9 percent decline in AbbVie kept the healthcare index in the red.

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.

General Motors jumped 3 percent after the No.1 USA automaker reaffirmed its full-year earnings forecast and promised to slash stocks of unsold vehicles.

Advancing issues outnumbered decliners on the NYSE by 1,527 to 1,267.

The Russell 2000 is up 143.29 points, or 10.6 percent. On the Nasdaq, 1,616 issues rose and 1,191 fell.



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