GLOBAL MARKETS-Dow stays near record high, European shares end mixed

GLOBAL MARKETS-Dow stays near record high, European shares end mixed
From Reuters - October 24, 2017

NEW YORK (Reuters) - European shares ended mixed at their close on Tuesday in anticipation of this weeks European Central Bank meeting, while the Dow Jones Industrial Average remained near record highs, buoyed by a surge in industrial sector shares.

Although the German, French, Italian and Spanish indexes all rose, the pan-European STOXX 600closed down0.4 percent.

The market is anticipating that the ECB highlights some kind of inclination towards lower for longer, and thats supportive for equities, said Pierre Bose, head of European equity strategy at Credit Suisse. If they were a bit more hawkish that could take a bit of the steam out of the rally weve seen.

The pan-European FTSEurofirst 300 index .FTEU3 lost 0.30 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS gained 0.04 percent.

Apple supplier and chipmaker AMS (AMS.S) jumped 21.8 percent after reporting third-quarter sales just under expectations. Analysts said strong fourth-quarter guidance from the iPhone supplier offset the miss.

Strong profits from Spain's Caixabank (CABK.MC) also lifted the IBEX .IBEX 0.4 percent after its Catalonia-related underperformance.

Earnings were top-of-mind in U.S. trading, raising the Dow Jones Industrial Average .DJI 192.26 points, or 0.83 percent, to 23,466.22.

The worlds largest construction and mining equipment maker, Caterpillar Inc (CAT.N), beat third-quarter profit and sales estimates and raised its full-year forecasts. The Peoria, Illinois company expects revenue in its construction business to surge about 20 percent and its mining business to jump 30 percent. The companys stock was up 4.6 percent.

3M (MMM.N), another Dow component, which makes a range of products from autoparts to office supplies, reported upbeat results, helping its stock gain 7.2 percent.


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