Markets Right Now: US stocks turn broadly higher at midday

Dow S&P 500 end at records following strong earnings 26 january 2018
Markets Right Now: US stocks turn broadly higher at midday

28 January, 2018

USA stocks ended mixed on Thursday, with the Dow closing at a record high, as investors were digesting the latest earnings reports.

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.

The Dow is up 1,673.57 points, or 6.8 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.

Honeywell (N:) rose 1.2 percent after the company raised its forecast for 2018 profit.

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 United States financial information company FactSet.

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Muguruza shocked by Hsieh
Top-seeded Simona Halep cruised to a 6-2 6-2 win over Eugenie Bouchard to keep her quest for a maiden Grand Slam title on course. Spaniard Muguruza, 24, came from 5-2 down against Hsieh to force a first-set tie-break but eventually lost in straight sets.

Gross domestic product increased at a 2.6-per-cent annual rate in the fourth quarter, the Commerce Department said in its advance GDP report, below the 3-per-cent forecast, as the strongest pace of consumer spending in three years resulted in a surge in imports.

Weakness in the dollar, which is supportive for large multinational companies, continued. The broad-based S&P 500 rose 1.2 percent to 2,872.11, and the tech-rich Nasdaq Composite Index also jumped 1.2 percent to 7,501.71.

President Donald Trump's comments Thursday in favor of a "strong dollar", a day after Treasury Secretary Steven Mnuchin said a weaker greenback would help U.

Of the 133 S&P 500 companies that have reported quarterly earnings so far, 79.7 percent have topped expectations, versus an average of 72 percent over the previous four quarters.

The Dow is up 321.07 points, or 1.2 percent.

Bond prices turned higher. Benchmark 10-year notes last fell 11/32 in price to yield 2.6599 percent, from 2.621 per cent late on Thursday. The Nasdaq composite rose 41 points, or 0.6 percent, to 7,457.

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