Monday, 19 February, 2018

Earnings lift Wall St to record highs

3M, Caterpillar earnings boost Dow to another record close US stocks close mixed after earnings reports
| 27 January, 2018, 20:33

The Dow Jones industrial average climbed 140.67 points, or 0.5 percent, to 26,392.79. 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 company's stock rose four percent in pre-market trading before losing 0.41 percent in late trading.

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.

Markets have moved this week on comments from top USA officials at Davos, including Treasury Secretary Steven Mnuchin's endorsement of a weak dollar. On the Nasdaq, 1,451 issues rose and 1,403 fell.

Union Pacific (UNP) led the sector lower after the railroad operator reported weaker than expected fourth quarter earnings.

The Russell 2000 is up 4.04 points, or 0.3 percent.


The S&P 500 is up 28.95 points, or 1 percent. Intel also gave a strong sales outlook. Benchmark 10-year notes last fell 11/32 in price to yield 2.6599 percent, from 2.621 per cent late on Thursday.

"Thus far corporate earnings have been strong enough to keep momentum building, with the few high profile disappointments coming from franchises that had already been suffering from self-inflicted wounds for a number of quarters", Michael Shaoul, chairman and CEO of Marketfield Asset Management.

AbbVie (ABBV.N) rose 6.8 percent after reporting upbeat profit on strong sales for its blockbuster drug Humira.

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.

Intel's (INTC.O) shares jumped 7 percent to their highest in nearly two decades, after strong results offered the clearest sign yet that its years-long effort to shift away from a slowing PC business was paying off.

Bond prices turned higher.

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