3M, Caterpillar earnings boost Dow to another record close
- Author: Darren Santiago Jan 27, 2018,
Jan 27, 2018, 15:40
Intel's (O:) shares jumped more than 9 percent to their highest in nearly two decades, after strong results offered the clearest sign yet that its years-long effort to shift away from a slowing PC business was paying off. S. economic growth unexpectedly slowed in the fourth quarter as strong consumer spending resulted in a surge in imports. Fourth-quarter gross domestic product increased at a 2.6 percent annual rate, the Commerce Department reported.
Technology and health care companies are leading stocks broadly higher in midday trading on Wall Street.
As of Thursday, 77 per cent of the S&P 500 companies that had reported surpassed earnings expectations, while 79 per cent of those companies had beaten sales estimates, according to U.S. financial information company FactSet.
Investors shrugged off government data that put fourth-quarter U.S. growth at 2.6 per cent, below the 2.9 per cent expected by analysts.
President Donald Trump's comments Thursday in favor of a "strong dollar", a day after Treasury Secretary Steven Mnuchin said a weaker greenback would help US trade balances in the short term, failed to put a lid on volatility and keep dollar bears in check. The Nasdaq composite gained 41 points, or 0.6 percent, to 7,452.
The Dow Jones Industrial Average rose 0.9 per cent to finish the week at 26,616.71, its third straight record.
Pennsylvania Supreme Court strikes down Congressional district map
Under the order , the legislature must redraw the map, with the approval of Democratic Gov. Because the decision was a matter of state , and not federal law, it's unlikely the U.S.
Stocks moved to the upside early in the session amid a positive reaction to the latest batch of earnings news, with results from most big-name companies topping estimates. For the week, the MSCI index was up 2 percent. World equity markets have rallied over the past year, buoyed by a synchronized uptick in global economic growth in a boon to corporate profits and stock valuations.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.67 percent.
Bond prices fell. The yield on the 10-year Treasury rose to 2.66 percent.
US stock indexes and global benchmarks have been "fast out of the blocks" in the new year, Barty said. The stock was last down 0.42 percent.
Gold also rose with the dollar's decline. The Dow closed up 140 points, or 0.5%, to end at 26,392, marking a fresh all-time high for the blue-chip benchmark. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.