Dow opens at record on better-than-expected earnings, continuing economic growth

The Dow Jones Industrial Average and S&P 500 have closed at their highest levels ever
The Dow Jones Industrial Average and S&P 500 have closed at their highest levels ever

27 January, 2018

Shares of drugmaker AbbVie Inc also climbed 10 percent after the company significantly boosted its 2018 earnings forecast and said it hopes to accelerate dividend growth and share buybacks.

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.

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.

US stocks are rising as technology and health care companies make more gains.

Among those companies that reported high earnings were AbbVie, Honeywell, Rockwell and Intel.

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 USA planemaker Boeing Co.

Buoyed by AbbVie, the S&P healthcare index.SPXHC gained 2.17 percent, scored its best day since November 2016 and was the best performer among the 11 major S&P sectors.

The Dow Jones Industrial Average rose 77.92 points, or 0.3 percent, to 26,470.71, the S&P 500 gained 13.42 points, or 0.47 percent, to 2,852.67 and the Nasdaq Composite added 42.01 points, or 0.57 percent, to 7,453.17.

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The Toronto Stock Exchange's S&P/TSX composite index unofficially closed up 35.21 points, or 0.22 per cent, at 16,239.22.

U.S. Treasury yields climbed after the U.S. GDP data and after the governor of the Bank of Japan said inflation is finally close to reaching the central bank's 2 percent target. That's the highest level for that benchmark rate since July 2014.

Record highs reported for both The Dow (DOW) and S&P 500 who high notes on Friday.

The currency had suffered its biggest daily percentage drop in seven months on Wednesday after U.S. Treasury Secretary Steven Mnuchin said he welcomed a weaker currency.

Gold, natural gas and semiconductor stocks also came under pressure on the day, while utilities, pharmaceutical and chemical stocks showed strong moves to the upside.

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

Shares of Caterpillar Inc (CAT.N) fell as much as 3.5 percent and rose as much as 2.8 percent in the wake of its quarterly earnings.

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