Wall Street surges to record highs led by tech and financials

Boosted by robust gains seen in technology and financial shares major equity indexes in the U.S. jumped to fresh all-time peaks on Wednesday.

On the back of a stronger-than-expected third-quarter earnings report, IBM shares surged sharply to close the day 8.86% higher, lifting the S&P 500 Information Technology Sector (SPLRCT) to 1,053.83, up 3 points, or 0.3%."Today the catalyst is clearly IBM ... which appears to have turned the corner. It gave the Dow the boost to stay over 23,000," Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey, told Reuters.

The Beige Book released by the Federal Reserve today showed that the economic activity in the U.S. expanded at a modest to moderate pace in September through early October. In the meantime, the 10-year US Treasury-bond yield rose nearly 2% on the day, allowing bank stocks to extend their recovery from last week's sharp retreat. The S&P 500 Financials Sector ( SPSY) added 0.5% on the day.

The Dow Jones Industrial Average gained 159.71 points, or 0.69%, to close the day for the first time above the 23K mark at  23,157.6. The S&P 500 added 2.01 points, or 0.08%, to 2,561.37 and the Nasdaq Composite rose 0.86 points, or 0.02%, to 6,624.53.

Headlines from the NA session:

• Market wrap: dollar unchanged, pick up in rates and sticks rally - Westpac
• WH spokeswoman: Announcement on Fed chair due in coming days
• US Dollar edges lower below 93.30 on Fed's Beige Book
• Fed's Beige Book: Price pressures remained modest
• Markets have almost fully priced in a third hike for 2017 in December - BBH
• WTI drops below $52.00 post-EIA
• EIA: US commercial crude oil inventories decreased by 5.7 mln barrels
• Atlanta Fed: GDPNow model forecast for real GDP growth in Q3 steady at 2.7%
• The mystery behind low inflation - Natixis
• OPEC leaning toward extension of oil supply cut for 9 more months - Reuters