Wall St. climbs to new highs on strong Intel, AbbVie earnings

Ann Santiago
January 28, 2018

The reports helped investors look beyond data that showed USA economic growth unexpectedly slowed in the fourth quarter as strong consumer spending resulted in a surge in imports.

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

Intel's (INTC.O) shares surged as high as $50.15, their highest level since October 2000, and closed up 10.55 percent at $50.08 after results indicated that the chipmaker's shift to higher-margin data-center business was working. It measures the daily stock price movements of 30 large, publicly-owned US companies. Fourth-quarter gross domestic product increased at a 2.6 per cent annual rate, the Commerce Department reported.

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 USA financial information company FactSet.

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

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 Dow Jones industrial average added 101 points, or 0.4 percent, to 26,357.

"Armenpress" reports the value of Dow Jones up by 0.54% to 26392.79 points, S&P 500 up by 0.06% to 2839.25 points, Nasdaq down by 0.05% to 7411.16 points.

The Standard & Poor's 500 index rose 6 points, or 0.2 percent, to 2,844.

Caterpillar shares rose 3.8 percent in the premarket after the company released its fourth-quarter results.

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

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.

Benchmark 10-year notes last fell 14/32 in price to yield 2.6711 percent, from 2.621 percent late on Thursday.

Advancing issues outnumbered declining ones on the NYSE by a 1.20-to-1 ratio; on Nasdaq, a 1.54-to-1 ratio favored advancers.

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