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Commsec: US Close 12 Oct 17

US sharemarkets rose on Wednesday, with key indexes hitting fresh record highs. Johnson & Johnson rose by around 2% after broker Jefferies upgraded the stock to "buy" citing improving profitability in its pharmaceutical division. Investor focus will now shift to major banks JPMorgan Chase and Citigroup, which report results on Thursday. The Dow Jones rose by 42 points or 0.2%, the S&P 500 rose by 0.2% and the Nasdaq increased by 16 points higher or 0.3%. The September US Federal Reserve minutes revealed that while the majority of officials remain concerned about persistently low core inflation, underlying strength (particularly employment) in the US economy means that "many participants thought that another rate increase later this year is warranted.

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