Corporate Earnings Send Stocks to Record Highs
Stocks managed to finish the week on a positive note, with all three indexes ending in the black and touching fresh record highs during intraday trading. Gains were mostly driven by strong corporate earnings, with Intel(INTC) leading the charge, and a healthcare rally also added to stocks' upward momentum. As such, traders seemingly shrugged off a weaker-than-expected reading on fourth-quarter gross domestic product (GDP), while President Trump told the World Economic Forum in Davos that "America is open for business."
Continue reading for more on today's market, including:
The activist investor circling Nike stock.How Starbucks rewarded options traders.3 pharma stocks flying high today.Plus, a rare transports signal; STX's volatile earnings history; and the Chinese e-commerce concern eyeing America.The Dow Jones Industrial Average (DJI - 26,616.71) picked up 224 points, or 0.9%, closing at a fresh record high. INTC led the 25 advancing blue chips with a whopping 10.5% gain, while Caterpillar (CAT) paced the five losers with a 1.4% loss. The Dow picked up 2.1% for the week.
The S&P 500 Index (SPX - 2,872.87) gained 33.6 points, or 1.2%, while the Nasdaq Composite (IXIC - 7,505.77) added 94.6 points, or 1.3%. Both indexes ended up 2.2% and 2.3% on the week, respectively, while closing a record highs.
The CBOE Volatility Index (VIX - 11.08) shed 0.5 point, or 4.3%, on the day, and 1.7% for the week.
5 Items on Our Radar Today
The homelessness issue in Hong Kong has surged drastically, with property pricesrising more than 200% in the past decade. To maintain warmth and shelter, many people have been spending lengthy amounts of time in fast food restaurants that run 24 hours per day, such as McDonalds. Approximately one in five people live below the poverty line. (Reuters)The Center for Disease Control and Prevention said that Baby Boomers, or people aged 50-64, are most at risk for this year's flu virus. The Center is expecting at least a few more weeks of the rabid H3N2 strain to be viral, though your chances of receiving the virus all depend on which strains you were exposed to as a child. (CNBC)The rare transports signal flashing.A volatile earnings history draws traders to Seagate Technology stock.The Chinese retailer coming to the U.S..
Data courtesy of Trade-Alert
Oil Finishes at its Highest Mark in Over Three Years
March-dated crude ended the day higher, thanks to a a weaker dollar and signs of higher oil demand. Crude finished the day up 63 cents, or 1%, at $66.14 per barrel -- its highest close in more than three years. Oil ended up gaining 4.5% for the week.
February gold futures fell in today's trading, as a rally in stocks dimmed the metal's "safe haven" appeal. Gold finished the day down $10.80, or 0.8%, at $1,352.10, while settling up 1.4% for the week.