USA stocks close mixed after earnings reports

28 January, 2018, 00:12 | Author: Elaine Woods
  • 3M, Caterpillar earnings boost Dow to another record close

The Nasdaq composite slipped 3.89 points to 7,411.16.

USA stocks rose to fresh records on Friday, propelled by strong earnings from Intel and drugmaker AbbVie as well as a weaker dollar, putting the three main indexes on track for their best four-week rally since 2016.

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

Gold climbed back toward the previous session's 17-month peak as the US dollar index fell. For the week, the MSCI index was up 2 per cent. Fourth-quarter gross domestic product increased at a 2.6 per cent annual rate, the Commerce Department reported.

S. growth data. official in support of a weak dollar and following Friday's U. S.

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Buoyed by AbbVie, the S&P healthcare index.SPXHC gained 2.17 percent, scored its best day since November 2016 and was the best performer among the 11 major S&P sectors. The Dow the S&P 500 and the Nasdaq Composite Index have mostly risen to all-time highs in January on the back of better-than-expected quarterly reports and in anticipation that Wall Street friendly legislations will boost economic growth and the market.

The dollar strengthened after Pres. Trump said Wednesday's comments from Treasury Secretary Mnuchin - who said he welcomed a weaker dollar - were taken out of context and clarified that his administration ultimately wants to see a stronger dollar.

The Dow Jones industrial average climbed 140.67 points, or 0.5 percent, to 26,392.79.

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

Oil prices settled higher on Friday after hitting three-year highs, with crude also posting a weekly gain as a weaker US dollar underpinned prices. The yield on the 10-year Treasury fell to 2.64 percent. On Thursday, the contract climbed to as high as $71.28, its highest since 2014. On Thursday, they also reached their highest since December 2014, at $66.66. For the week, Brent posted a almost 2.7 per cent gain, while USA crude was up 4.3 per cent for the week.

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