S&P, Dow hit records on upbeat Intel, AbbVie earnings

Jan 28, 2018, 00:17
S&P, Dow hit records on upbeat Intel, AbbVie earnings

USA stocks spent a second day flipping between small gains and losses Thursday as investors again looked for hints about the Trump administration's stance on worldwide trade and the dollar.

The S&P 500 is up 28.95 points, or 1 percent.

Gross domestic product increased at a 2.6 percent annual rate in the fourth quarter, the Commerce Department said in its advance GDP report. The Nasdaq Composite .IXIC was up 45.65 points, or 0.62 percent, at 7,456.81.

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.

Honeywell (N:) rose 1.2 percent after the company raised its forecast for 2018 profit.

As of Thursday, 77 percent of the S&P 500 companies that had reported surpassed earnings expectations, while 79 percent of those companies had beaten sales estimates, according to US financial information company FactSet.

Weakness in the dollar, which is supportive for large multinational companies, continued.

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 U.

At 12:29 p.m. ET (1729 GMT), the Dow Jones Industrial Average .DJI rose 93.42 points, or 0.35 percent, at 26,486.21.

The pan-European FTSEurofirst 300 index rose 0.54 percent and MSCI's gauge of stocks across the globe gained 0.29 percent.

Also lifting the index were gains in Pfizer (PFE.N), up 4.78 percent after a European regulator recommended granting marketing approval to a diabetes drug developed by the company and Merck (MRK.N), up 1.21 percent.

U.S. Treasury prices ended mostly higher, with the benchmark 10-year yield sliding 3 bps to 2.62% and the two-year yield finishing flat at 2.08%. The Nasdaq composite rose 41 points, or 0.6 percent, to 7,457.

The dollar was last down 0.44 percent against a basket of currencies ().

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