Dow hits record on Intel earnings
Intel’s (INTC.O) shares jumped 7 percent 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.
AbbVie (ABBV.N) rose 6.8 percent after reporting upbeat profit on strong sales for its blockbuster drug Humira.
The strong earnings helped temper downbeat data on Friday. Gross domestic product increased at a 2.6 percent annual rate, the Commerce Department said in its advance fourth-quarter GDP report. A Reuters 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. President Donald Trump in his address at the World Economic Forum in Davos warned trading partners that Washington would no longer tolerate unfair trade, but added that the United States was “open for business”.
Markets have moved this week on comments from top U.S. officials at Davos, including Treasury Secretary Steven Mnuchin’s endorsement of a weak dollar.
“The dollar move has attracted 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 New York.