MARKET OVERVIEW, RESULTS & WEEK AHEAD
The US markets charged ahead once again this week, hitting a new record high in all five trading sessions. The Dow eclipsed a new milestone of 23,000 for the first time and ending the week at 23,328.63 up 2% on the week. Investors digested another dose of Q3 earnings this week that were led by Big Blue IBM, which bested earnings expectations and jumped significantly higher to end the week at $162.07 up 10.2%. 76% of the S&P 500 companies that have reported results have been above consensus estimates. Healthcare and Dow 30 companies, UnitedHealth Group (UNH) & Johnson & Johnson (JNJ), leaped forward 7.8% & 4.4% respectively. Speculation around a new Fed Chairman coming forward soon, streamed through the market while Friday’s market was buoyed by the Senate voting for a budget blueprint for 2018, which further fueled confidence that our tax system will receive a significant revision that is believed to support growth. The Russell 2000, a small-cap index, rose 0.4%.