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United States stocks open higher after earnings reports

28 January, 2018, 00:15 | Author: Samuel Sharp
  • Traders work on the floor of the New York Stock Exchange

The dollar index, which measures the greenback against a basket of six major currencies, was down 0.44 percent at 89.002, and on track for its worst weekly performance since May.

US 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.

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.

Gold also rose with the dollar's decline.

Yamana Gold Inc. rose almost 2.3 per cent to $4.51 and Alamos Gold Inc. gained 3 per cent to $7.86. Of the 133 companies in the index that have reported through Friday, 79.7 per cent have topped expectations.

The S&P 500 increased 8.52 points, or 0.30 per cent, to 2,846.06.

"You have manufacturing and the consumer doing well at the same time and the globe is doing better, so that's a path for future GDP gains, which has always provided a fertile backdrop for earnings gains", said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management in Milwaukee.


The dollar continued to weaken.

U.S. Treasury Secretary Steven Mnuchin's endorsement of a weak dollar earlier in the week had triggered a slide in the currency.

The Dow Jones Industrial Average rose 118.63 points, or 0.45 percent, to 26,511.42, the S&P 500 gained 21.33 points, or 0.75 percent, to 2,860.58 and the Nasdaq Composite added 65.98 points, or 0.89 percent, to 7,477.15. 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.

Pfizer PFE.N rose 3.6 percent after European regulator recommended granting marketing approval to a diabetes drug developed by the company and Merck MRK.N .

Bond prices turned higher.

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

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