Toronto stock market lower as Dow Jones cruises past 23000 record

Wall Street makes quiet opening

For the first time ever, The Dow Jones industrial average closed the trading day above 23,000.

The Dow Jones Industrial Average rallied above the 23,000-mark on Wednesday, propelled by IBM's 9 percent surge after the computing giant hinted a return to revenue growth.

"My view is it may take several days or a couple of weeks before it can sustain a level above 23,000", said Robert Pavlik, chief market strategist at Boston Private Wealth in NY.

Netflix slipped 1.5 percent after touching a record high as more subscribers signed up for its popular original content in the latest quarter.

Air bag concerns force Mercedes-Benz recall
Mercedes-Benz in the U.S. said that there had been "a handful of instances where drivers suffered minor abrasions or bruises". Mercedes is recalling 400,000 cars in the United Kingdom due to faulty steering systems that can cause airbags to deploy.

The gains have been driven by stronger than expected earnings for many US companies, as well as the hopes of those companies that President Trump's tax reform plan could lower taxes on them.

The Dow Jones, which tracks 30 of the biggest USA listed companies, has hit new records several times over the last month on expectations of strong company profits and hopes that President Donald Trump will win backing for his tax cut plan. The S&P 500 index added 1.90 points to 2,561.26 and the Nasdaq composite index eked out 0.56 of point to 6,624.22. Both the S&P 500 and the tech-heavy Nasdaq indices also hit fresh highs today.

Shares of Wells Fargo, Bank of America and Goldman Sachs rose between 1.2 percent and 2.2 percent.

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