Dow Jones Spikes 1.3% on Strong Earnings

Dow Erases Gains After Hitting 26,000 for 1st Time

United States stocks closed higher with the Dow closing above 26,000 for the first time, following the release of stronger-than-expected quarterly earnings reports. The Dow closed above 26,000 for the first time, while the S&P 500 finished above 2,800 for the first time.

"There are several reasons for markets to melt up at this point", said Alexandra Coupe, associate director for PAAMCO.

Investors expect strong earnings, supported by corporate tax cuts and global economic growth. It was the Dow's best one-day point gain in 14 months, or since the day before Donald Trump was elected president. It was up 200 points in early trading Tuesday following an expected opening in the 250-point range.

Oil prices pulled back from recent highs on Tuesday, with Brent crude dipping 1.07 percent to $69.51 per barrel. The conglomerate slid 2.9 percent after the company said it was taking a $6.2 billion charge related to its insurance portfolio.

The slide in oil prices weighed on energy sector stocks.

The dollar rose to 111.13 yen from 110.30 yen on Wednesday. The euro slipped to $1.2232 from $1.2181.

More news: US Movers: Alcoa, BNY Mellon, BB&T, JB Hunt, M&T Bank, Morgan Stanley

Robert Pavlik, chief investment strategist at SlateStone Wealth, said there were concerns in the market that stocks had risen too much too quickly. The digital currency fell 1.6 percent to $11,172, according to the tracking site CoinDesk. Bitcoin futures on the Cboe Futures Exchange were down 12.1 percent to $12,130. "The government shutdown played right into that", he said. Started in 1896, the index consists of 30 North American blue chip stocks selected by the editors of The Wall Street Journal, whose parent company is Dow Jones & Co.

Industrial stocks rose after the Federal Reserve said USA industrial production increased 0.9 percent in December.

Gold rose $2.10 to $1,339.20 an ounce.

In London, FTSE 100 is up around 22 points at 7,723.

Japan's Nikkei 225 index lost 0.4 percent, while the Kospi in South Korea shed 0.3 percent. India's Sensex was unchanged, while markets in New Zealand, Taiwan and Southeast Asia gained.

The Dow and S&P 500 posted record closes on Wednesday, shaking off a sharp intraday reversal in the previous session.

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