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Dow Jones hits another record as Caterpillar and 3M climb

25 October 2017

Apple slipped 0.7 percent after report that the company would settle for half its planned iPhone X shipments this year.

3M Company, another Dow component, also reported upbeat quarterly results Tuesday.

The industrial, safety and consumer products company reported third-quarter earnings of 2.33 dollars per share, an increase of 8.4 percent versus the third quarter of 2016, with sales of 8.2 billion dollars, up 6.0 percent year-on-year.

Despite the gains, a measure of 30-day volatility known as the CBOE VIX (NYSEARCA:VXX) was little changed on Tuesday.

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The Dow Jones Industrials Average is pushing further into record territory on the heels of a wave of better-than-expected corporate earnings updates.

S&P 500 e-minis were up 2.5 points, or 0.1 percent, with 109,088 contracts traded.

3M jumped 4.7 percent on better-than-expected earnings, while Caterpillar rose 4.9 percent after handily beating profit and sales estimates and raising its full-year forecast.

That and rising hopes of President Donald Trump's tax plans moving forward have helped the Dow and S&P close at record highs on all five trading days last week.

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Biogen slipped 6 percent after the company reported disappointing USA sales of Spinraza, a potential blockbuster drug.

Centene dipped about 4 percent after saying that White House moves to cut off Obamacare subsidies would knock 7-12 cents per share off the health insurer's fourth-quarter earnings. US stocks are poised to continue down the path of record-setting gains as the holiday season approaches.

That along with a 1.5 percent drop in Johnson & Johnson and a 2.5 percent decline in AbbVie made the healthcare index the worst performer among the S&P sectors.

Whirlpool tumbled almost 9 percent after the home appliances maker reported profit and sales below estimates and lowered full-year earnings guidance.

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Advancing issues outnumbered declining ones on the NYSE by a 1.36-to-1 ratio; on Nasdaq, a 1.44-to-1 ratio favored advancers. On the Nasdaq, 1,616 issues rose and 1,191 fell.

Dow Jones hits another record as Caterpillar and 3M climb