Investing.com – The Dow composite hit a record high of 23,000 shortly after the opening bell on Wednesday as shares in technology firm IBM (NYSE:IBM) skyrocketed.
The Dow composite jumped 108 points or 0.47% as of 9:41 AM ET (2:41 PM GMT) while the S&P 500 increased three points or 0.10% and the tech heavy NASDAQ Composite increased two and a half points or 0.04%.
Shares in technology firm IBM surged 7.90% as it beat analyst expectations in its third quarter earnings release after the markets closed on Tuesday. Pharmaceutical firm Abbot rose 1.64% after its profits beating expectations, driven by sales in its medical device business.
Financial stocks were also up, with Bank of America (NYSE:BAC) up 0.85% and Citigroup (NYSE:C) increasing 0.91%. Financial giant Goldman Sachs (NYSE:GS) surged 1.42% while Wells Fargo (NYSE:WFC) rallied 0.58%.
Meanwhile restaurant chain Chipotle Mexican Grill Inc (NYSE:CMG) stumbled 2.58% after Bank of America downgraded the franchise as it struggles to cut down on labor costs. Bank US Bancorp (NYSE:USB) fell 1.64% despite its third quarter earnings hitting a record high. Other low performers included shares of gaming developer Electronic Arts (NASDAQ:EA) which slumped 3.31% on the news that it is shutting down one of its studios.
More earnings releases are expected after the close of the bell, including from credit card giant American Express (NYSE:AXP) and airline company United Continental Holdings Inc (NYSE:UAL).
American Express was up 0.23% while United rose 1.10%.
In Europe stocks rallied, with Germany’s DAX up 59 points or 0.46%. In Spain, the IBEX 35 rose 30 points or 0.30% while in France the CAC 40 increased 28 points or 0.54%. In London, the FTSE 100 moved up 34 points or 0.46% and the pan-European Euro Stoxx 50 inched forward seven points or 0.21%.
Gold futures fell to $1,282.55 an ounce while crude oil futures rose to $52.23 a barrel. The U.S. dollar index, which measures the greenback against a basket of six other major currencies, increased to 93.49.