Stock prices advanced broadly as investors with earnings squarely in sight stepped up buying sending the three main gauges to record highs.
Fourth-quarter earnings reporting is well under way helping the Dow over the 26,000 mark for the first time. Analysts say tax reform is adding a boost to earnings. UnitedHealth’s earnings doubled in the fourth quarter helped by tax cuts and it hiked its full-year profit cast forecast well beyond Wall St expectations. Its share price rose +2.37%.
Citigroup may have made virtually no earnings for the fourth quarter as a result of the hefty tax charge but its share price rose at open before paring gains to +0.66%. The bank reported stronger profit results beating expectations helped by a revitalised consumer businesses.
More than three quarters of the 26 S&P 500 companies that have reported so far have topped profit estimates, according to Thomson Reuters.
At 10:51 a.m. EST, the Dow Jones Industrial Average was up 182 points, or +0.71%, at 25,981.
The S&P 500 was up 11 points, or +0.41%, at 2,797.96. Seven of 11 S&P sectors made gains led by real estate up +1.36% and health care +0.74%.
The Nasdaq Composite was up 47.98 points, or +0.66%, at 7,309.97.
A slide in oil prices sent the S&P energy index down -0.32%, with Brent crude fell -1.10% to $69.45 per barrel.
Movers at 11:02 AM EST 01/16/18
Advanced Micro Devices rose +1.08% at $12.15