Dow Earnings Off The Roof; Rises Over 100 Points (INDEXDJX:.DJI)

Dow Earnings Off The Roof; Rises Over 100 Points (INDEXDJX:.DJI)

Dow Earnings Off The Roof; Rises Over 100 Points (INDEXDJX:.DJI)

At 12:29 p.m. ET (1729 GMT), the Dow Jones Industrial Average .DJI rose 93.42 points, or 0.35 percent, at 26,486.21.

The reports helped investors look beyond data that showed US economic growth unexpectedly slowed in the fourth quarter as strong consumer spending resulted in a surge in imports.

The broad-based S&P 500 gained 1.2 per cent to 2,872.87, and the tech-rich Nasdaq Composite Index jumped 1.3 per cent to 7,505.77.

The dollar index.DXY, which measures the greenback against a basket of six major currencies, was down 0.33 percent at 89.1 and on track for a weekly fall of 1.6 percent.

Shares of Intel Corp (INTC.O) jumped more than 10 percent and hit their highest level since October 2000 a day after the company reported quarterly results.

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Earlier in the session the Dow touched a record high at 26,458.

USA construction machinery and equipment company Caterpillar said on Thursday that its fourth-quarter adjusted profit was $2.16 a share, topping Wall Street forecasts of $1.77 a share. The rise lifted the S&P healthcare sector 0.74 percent as one of the best-performing S&P groups. The pan-European FTSEurofirst 300 index rose 0.54 per cent, and MSCI's gauge of stocks across the globe gained 0.67 per cent.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.64 percent.

"The dollar move has attracted a lot of attention for the right reasons; it's a pretty important driver right now for other assets", said Peter Cecchini, managing director and chief market strategist at Cantor Fitzgerald in NY.

Gross domestic product increased at a 2.6 percent annual rate in the fourth quarter, the Commerce Department said in its advance GDP report. The stock ended 0.61 percent higher. Analysts were unhappy with its results outside the USA, and Starbucks also said sales of holiday merchandise were slow.

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The U.S economy reported a growth 2.6 percent in the 4 quarter of 2017.

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.

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

The dollar declined further against other currencies.

Shares of Caterpillar Inc (CAT) fell as much as 3.5 percent and rose as much as 2.8 percent in the wake of its quarterly earnings. Copper slipped 2 cents to $3.20 a pound. Shares of 3M rose 0.6 per cent in the morning session.

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AbbVie's (ABBV) shares jumped 13.77 percent after the drugmaker significantly boosted its 2018 earnings forecast with help from USA tax reform and said it hopes to accelerate dividend growth and share buybacks.

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