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The Dow rose 100 points at the market open Wednesday morning, hitting a new record high after quarterly earnings beat Wall Street's expectations, reports CNBC. The S&P 500 and Nasdaq also hit record highs, both climbing 0.2%.

The bottom line: The Dow continues to crush it in 2018.

The latest, from CNBC:

  • Abbott Laboratories, United Technologies, Baker Hughes and NBCUniversal-parent Comcast all reported earnings and revenue that beat analyst estimates.
  • 77% of the S&P 500 companies that reported earnings since Tuesday morning have beaten earnings estimates, and 80% beat revenue expectations, according to FactSet.
  • So far in 2018, the major indexes are up at least 6%.
  • J.P. Morgan CEO Jamie Dimon told CNBC Wednesday that the lower corporate tax rate will also help boost wages and spark an economic boom.

Go deeper

Competitors ready to pounce on TikTok bans

Illustration: Aïda Amer/Axios

Growing security and privacy concerns over Chinese-owned short-video app TikTok have given a lift to alternatives like Byte and Dubsmash, which have seen spikes in downloads from smartphone users recently, according to data from SensorTower.

Why it matters: If TikTok's meteoric rise in popularity among U.S. youth gets slowed by rising tensions with China, or ended by a threatened ban by the Trump administration, American teens will still have to get their hits of meme-laden video somewhere.

33 mins ago - Technology

U.S. pushes homegrown drone industry amid China battle

Illustration: Sarah Grillo/Axios

Alarmed at the prospect of relying on Chinese-made drones for public safety and monitoring critical industries, U.S. investors and the federal government are newly backing a domestic drone industry of hardware and software companies.

The big picture: The moves come as the industry continues to be led by DJI, a Chinese hardware maker — and as concerns grow both in China and the U.S. about reliance on the other country's technology.

Exclusive: The N.Y. Times doubles down on TV and film ambitions

Illustration: Aïda Amer/Axios

One of the country's oldest and most established media companies is starting to look more like a Hollywood studio than a traditional newspaper.

Driving the news: The New York Times has 10 scripted TV show projects in development, as well as 3 feature documentaries coming out this year and several other documentary projects in development and production, executives tell Axios.