>> The Dow closes above 23000 for the frist time. I'm markets correspondent Lewis Krauskopf. The benchmark Dow Industrials closed above 23000 for the first time on Wednesday. It's only been two and a half months since they cracked their last 1000 point milestone. Today, the big reason for the Dow's rise was IBM shares.
The computing giant reported quarterly results and encouraged investors with their revenue report. Earnings have been in focus for investors as the market has continued to rise. Already this quarter we've seen positive results from United Health and Johnson & Johnson support the Dow. Looking forward, we're also gonna be looking at General Electric shares, Travelers shares and Verizon later this week, as those Stalwarts report results.
The return to profit growth has been a big reason why investors say the market has risen this year. The third quarter is supposed to be a little bit of a step down in earnings growth, with earnings currently expected to rise 4.4% this quarter for S&P500. People are also gonna be looking forward to guidance, as earnings are supposed to step up in the fourth quarter and beyond.
Another reason that some investors say the market has risen, has been hopes for tax reform, which has been revived in the past month or so, as Donald Trump tries to push forward his tax reform plan. But that also represents a risk for the stock market going forward, should tax reform fail to materialize, that could take some of the premium out of the market.