Intel lifts S&P, Dow to new highs; Starbucks weighs on Nasdaq

27 January, 2018, 15:43 | Author: Darnell Patrick
  • US dollar

The Dow is up 321.07 points, or 1.2 percent. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 3.3 basis points to 2.621%.

The Nasdaq composite slipped 3.89 points to 7,411.16.

In the energy market, oil prices settled higher, with crude also posting a weekly gain as the weaker dollar underpinned prices.

The Dow Jones Industrial Average rose 77.92 points, or 0.3 percent, to 26,470.71, the S&P 500 gained 13.42 points, or 0.47 percent, to 2,852.67 and the Nasdaq Composite added 42.01 points, or 0.57 percent, to 7,453.17.

Utilities (+1.5%), health care (+0.9%) and telecom services (+0.7%) finished at the top of today's sector standings, while energy (-0.8%) was easily the weakest as WTI crude oil reversed recent gains to settle 0.2% lower at $65.51/bbl following a sharp upward move in the US dollar. On the Nasdaq, 1,454 issues rose and 1,312 fell. American Airlines lost 2.9 percent. For the week, Brent posted a almost 2.7 percent gain, while US crude was up 4.3 percent for the week.

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.

Bond prices turned higher.

Stocks are opening broadly higher as technology companies recover after sliding a day earlier.


"It's non-stop positive reinforcement that keeps pushing the market up", said Frank Davis, director of sales and trading at LEK Securities in NY.

Among those companies that reported high earnings were AbbVie, Honeywell, Rockwell and Intel.

U.S. Treasury Secretary Steven Mnuchin's endorsement of a weak dollar, triggered a slide in the currency that helped prop up the indexes.

The financials group, which accounts for more than one-third of the TSX's weight, was the lone declining group, slipping just over 0.1 per cent as shares of some of the country's major banks declined.

Drugmaker AbbVie rose 6.4 percent after its results also came in ahead of expectations.

The Dow Jones Industrial Average and S&P 500 closed at their highest levels ever on Thursday although Wall Street relinquished bigger gains after President Donald Trump said he wants a strong dollar.

U.S. Treasury yields climbed after the U.S. GDP data and after the governor of the Bank of Japan said inflation is finally close to reaching the central bank's 2 percent target.

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