Financials and tech stocks like IBM boosted the markets on the 30th anniversary of Black Monday. Fred Katayama reports.
The Dow closed above the 23,000 mark for the first time Wednesday. Financials and tech stocks like IBM boosted the markets on the 30th anniversary of Black Monday when the S&P 500 shed a fifth of its value. Oliver Pursche of Bruderman Brothers. SOUNDBITE: OLIVER PURSCHE, CHIEF MARKET STRATEGIST, BRUDERMAN BROTHERS, (ENGLISH) SAYING: "Today is a great day. IBM is certainly helping push the Dow higher compared to the other major indices out there. Look 23,000 is a beautiful round number that we all like to talk about because it's easier to talk about than 22,754. Right? But at the en dof the day, its' not particularly mopre meaningful than any other number out there." IBM shares surged. Big Blue hinted it's back on track to growing revenue after 13 straight quarters of declines. Chipotle shares slipped. Bank of America Merrill downgraded the upscale burrito chain's stock to "underperform" and slashed its price target. Bullish calls by analysts and a rise in Treasury yields upshed up bank stocks like Wells Fargo and Bank of America. Industrial and financial stocks rallied to drive markets higher in Europe.