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

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

Wall Street climbed on Friday as both the S&P 500 and Dow hit records on the latest round of strong earnings reports, including results from Intel and AbbVie, as well as continued weakness in the dollar.

Pfizer (N:) and Gilead Sciences (O:) also rose, pulling higher the S&P healthcare index by 1.14 percent, the biggest gainer among the 11 major S&P sectors.

The three main indexes notched their best four-week run since 2016. Economists were expecting a gain of 3 percent.

Biogen Inc (BIIB.O) surged 2.09 percent after the drugmaker reported fourth-quarter revenue that beat Wall Street estimates on higher sales of recently launched drug Spinraza. Robust earnings also supported stocks, with health-care and tech shares leading the gains.

"We continue to see these positive steps in the right direction and definitely earnings are clearly justifying a lot of the recent move that we've had", said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, NC.

According to a data set by FactSet, 77 percent companies have reported better than expected earnings whereas 79 percent were those who experienced and reported better than expected rates.

Wall Street also digested key US economic data on Friday.

Trump in his address at Davos warned trading partners that Washington would no longer tolerate unfair trade, but added that the United States was "open for business". In 1pm trading, the Standard & Poor's 500 Index gained 0.2 percent.

Elsewhere, the US dollar traded 0.4 percent lower, adding to this week's losses. World equity markets have rallied over the past year, buoyed by a synchronized uptick in global economic growth in a boon to corporate profits and stock valuations.

Benchmark 10-year notes last fell 14/32 in price to yield 2.6711 percent, from 2.621 percent late on Thursday. Brent crude futures settled up 10 cents, or 0.1 percent, at $70.52 per barrel, while USA crude futures closed at $66.14, up 63 cents, or almost 1 percent.

The Russell 2000 is up 4.04 points, or 0.3 percent.

Gold also rose with the dollar's decline. France's CAC40 Index fell 0.3 percent, the UK's FTSE 100 index slid 0.4 percent, while Germany's DAX Index dropped 0.9 percent. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



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