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Dow hits record at 26,437 as Intel shares hit dotcom-era highs

Honeywell was marginally up after adjusted earnings narrowly beat estimates and the company raised its forecast for 2018 profit


Intel logo
Intel logo is seen behind LED lights in this illustration taken January 5, 2018. (Photo: Reuters)

The opened at a record high on Friday, powered by gains in chipmaker Intel, and the other main indexes were higher as investors shrugged off weaker-than-expected U. S. economic growth data.

Intel's shares jumped 7 per cent to their highest in almost 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.

rose 6.8 percent after reporting upbeat profit on strong sales for its blockbuster drug

The strong earnings helped temper downbeat data on Friday. increased at a 2.6 percent annual rate, the Commerce Department said in its advance fourth-quarter GDP report. A poll of economists had forecast the economy expanding at a 3.0 percent.

Another set of data showed new orders for key U.

S.-made capital goods unexpectedly fell in December.

U. S. in his address at the in Davos warned trading partners that would no longer tolerate unfair trade, but added that the was "open for business".

have moved this week on comments from top U. S. officials at Davos, including Steven Mnuchin's endorsement of a weak dollar.

"The dollar move has attracted lot of attention for the right reasons, it's a right now for other assets," said Peter Cecchini, at in

But the dollar index erased some losses after Mnuchin told CNBC that he wasn't trying to talk down the dollar.

The rose 44.41 points, or 0.17 percent, at 26,437.2 and the gained 8.83 points, or 0.31 percent, at 2,848.08.

The was up 31.05 points, or 0.42 percent, at 7,442.21.

Of the 118 companies that have reported quarterly earnings through Thursday, 78.8 percent have topped expectations, versus an average of 72 percent over the previous four quarters.

was marginally up after adjusted earnings narrowly beat estimates and the company raised its forecast for 2018 profit.

fell 4.3 percent after it warned 2018 global cafe sales growth would be at the low end of its forecast.

Advancing issues outnumbered decliners on the NYSE by 1,417 to 1,087. On the Nasdaq, 1,398 issues rose and 963 fell.

First Published: Fri, January 26 2018. 20:33 IST