TSX closes 34 points lower as Dow Jones cruises past 23000 record

Midday Market Stats October 17

The Toronto Stock Exchange's S&P/TSX composite index was down 34.74 points to 15,782.16.

The Dow added 285.88 points, or 1.3 percent.

The Dow Jones cruised past the 23,000 mark today, as hopes buoyed that President Donald Trump could make progress on implementing tax cut plans and with support coming from a raft of recent solid corporate earnings.

"We continue to see solid numbers above expectations, stability in terms of economic growth and global growth", said Omar Aguilar, chief investment officer for equities at Charles Schwab Investment Management.

The gains have been driven by stronger than expected earnings for many US companies, as well as the hopes of those companies that President Trump's tax reform plan could lower taxes on them.

Also on Wednesday, the wider S&P 500 index edged up 2.86 points to reach 2,562.22.

United States indicts two Chinese in major fentanyl trafficking case
He said Yan manufactured the drugs in large quantities in two Chinese chemical plants, and sold them through USA distributors. The Chinese men indicted were Xiaobang Yan, 40, and Jian Zhang, 38, who worked separately but similarly, authorities said.

Record closes for all three major indices on Wednesday, including a new milestone for the Dow Jones Industrial Average, despite a poor month for new home starts.

The S&P 500 gained 8.09 points, or 0.3 percent.

Energy stocks also took a beating, led by a 1.7 percent decline in Chevron.

The Russell 2000 index of smaller-company stocks picked up 7.65 points, or 0.5 percent, to 1,505.14.

Shares of Wells Fargo, Bank of America and Goldman Sachs rose between 1.2 percent and 2.2 percent.

The Dow is up 3,395 points, or 17.2 percent. Industrial companies and banks slid.

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