USA stocks open higher after earnings reports
- Author: Rita Burton Jan 28, 2018,
Jan 28, 2018, 2:05
Wall Street climbed on Friday as both the S&P 500 and Dow hit records on the latest round of strong earnings reports, including results from Intel and AbbVie, as well as continued weakness in the dollar. The S&P and the two other main indexes all notched their best four-week runs since 2016.
Meanwhile, potentially market-driving data released Thursday morning included weekly initial jobless claims, which rose by 17,000 to 233,000.
Intel's (O:) shares jumped more than 9 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. S. stock market, helping investors shrug off weaker-than-expected U. S.
The S&P 500 increased 8.52 points, or 0.30 per cent, to 2,846.06.
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.More news: Sydney train crash sends passengers flying, injures 16
Yamana Gold Inc. rose almost 2.3 per cent to $4.51 and Alamos Gold Inc. gained 3 per cent to $7.86.
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.
The dollar was last down 0.46 percent against a basket of currencies .DXY .
The S&P 500 is up 28.95 points, or 1 percent.
Starbucks SBUX.O fell 5.8 percent after it warned 2018 global cafe sales growth would be at the low end of its forecast. On Thursday, the contract climbed to as high as $71.28, its highest since 2014.