Dow, S&P 500, Nasdaq surge to records on strong earnings

27 January, 2018, 20:34 | Author: Larry Hoffman
  • Trump Rallies Dollar in Davos, While Dow Manages Record Close

Futures for the Dow Jones Industrial Average were up 54 points, or 0.2%, at 26,430, S&P 500 futures were up 0.3% at 2,850, while futures for the Nasdaq-100 were showing a gain of 0.5% at 6,966.25.

Pfizer (N:) and Gilead Sciences (O:) also rose, pulling higher the S&P healthcare index by 1.14 percent, the biggest gainer among the 11 major S&P sectors.

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.

In a weekly note on capital flows, Bank of America Merrill Lynch analysts said that 98 percent of global equity markets are now trading above 50 and 200-day moving averages, though the pace of the melt-up meant a correction was now increasingly likely.

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But Wynn Resorts plummeted 10.1 per cent after the Wall Street Journal published an investigation outlining numerous complaints of sexual misconduct by billionaire casino mogul Steve Wynn.

Canada's main stock index rose on Friday, led by shares in Bombardier, which closed up 15 per cent after it won an unexpected trade victory against US planemaker Boeing Co. On the Nasdaq, 1,451 issues rose and 1,403 fell.

The advance by the Dow was partly due to a strong gain by 3M (MMM), with the diversified manufacturer rising by 1.9% after reporting better than expected fourth quarter results and providing upbeat guidance.

These are record earnings for the Dow Jones and S&P 500. Of the 133 companies in the index that have reported through Friday, 79.7 per cent have topped expectations. The greenback was down 0.34 percent against a basket of major currencies.

New Mexico's jobless rate fell to 6 percent last month
Jobs in trade, transportation, and utilities declined 1,200, largely affected by retail trade (-1,500). Fairfield County continued to have the highest unemployment rate at 9.5 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 MSCI world equity index, which tracks shares in 47 countries, was on track for its 10th week of gains, and the Dow and S&P 500 hit record highs.

S&P 500 measures the performance of 500 widely held common stocks of large-cap USA companies. S. crude rose 0.89 percent to $66.09 per barrel and Brent was last at $70.47, up 0.07 percent on the day. The Nasdaq composite gained 31 points, or 0.4 percent, to 7,443.

Bond prices turned higher.

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The Pittsburg County sheriff said about two-dozen people were working on the rig when it exploded. He said the fire "is kind of containing itself" and crews will "let it run its course".

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