Broad rally propels Dow to close above 26000 points for first time

Stocks - Dow Set for Record High as Investors Look Ahead to Earnings

USA stocks closed higher on Wednesday with the Dow closing above 26,000 for the first time, following the release of stronger-than-expected quarterly earnings reports.

The S&P 500 index rose 26.14 points, or 0.9 percent, to 2,802.56.

The reversal took place as concerns of a government shutdown loomed over investors' minds. The Dow, after briefly hitting the 26,000 milestone on Tuesday, its fastest 1000-point rise, looks set to close above that mark for the first time.

WALL STREET: Technology, financial and health care related shares helped push the Dow, Standard & Poor's 500 index and the Nasdaq composite to record higher, wiping out the market's modest losses from a day earlier.

China's main Shanghai Composite index closed up 0.24 per cent at 3,444.67 points while its blue-chip CSI300 index fell 0.24 per cent to 4,248.12.

In small-caps, the Russell 2000 Index closed at 1,586.36 for a gain of 13.39 points or 0.85%. Second was Merck & Co Inc, up 8.7 percent since January 4.

Google Maps Back in China After Eight Years
Cooperation will help Google draw on AI experts in China, and could pave the way for more effective research and development. The company has set up a China-specific version of the Google Maps website and introduced a map app for Chinese iPhones .

Investors have been encouraged by strong global growth, rising company earnings and the prospects for further corporate profits thanks to the tax overhaul signed into law last month, which cut the top tax rate for corporations from 35 percent to 21 percent.

Stocks are closing higher on Wall Street, sending the DJIA to its first close above 26,000 points.

IBM gained 2.9 per cent after analysts upgraded their price target for the company's stock, and chipmaker Intel rose a similar amount, while aviation giant Boeing jumped 4.7 per cent after announcing a joint venture to make aircraft seats.

Technology stocks, one of the biggest gainers this year, continued to notch gains. Bank of NY Mellon and KeyCorp declined after their latest results disappointed traders. Germany's DAX rose 0.7 percent, while France's CAC 40 was little changed.

The Dow is up 1,396.43 points, or 5.7 percent. The stock declined $4.81, or 1.9 percent, to $253.65.

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

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