Economy

United States stocks-Wall Street climbs on Intel, healthcare boost

United States stocks-Wall Street climbs on Intel, healthcare boost

US stocks spent a second day flipping between small gains and losses Thursday as investors again looked for hints about the Trump administration's stance on global trade and the dollar. The S&P and the two other main indexes all notched their best four-week runs since 2016.

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

Shares of Intel Corp jumped more than 10 per cent and hit their highest level since October 2000 a day after the company reported quarterly results.

Utilities (+1.5%), health care (+0.9%) and telecom services (+0.7%) finished at the top of today's sector standings, while energy (-0.8%) was easily the weakest as WTI crude oil reversed recent gains to settle 0.2% lower at $65.51/bbl following a sharp upward move in the USA dollar. The Nasdaq Composite () was up 47.80 points, or 0.64 percent, at 7,458.96.

Gross domestic product increased at a 2.6-per-cent annual rate in the fourth quarter, the Commerce Department said in its advance GDP report, below the 3-per-cent forecast, as the strongest pace of consumer spending in three years resulted in a surge in imports.

The dollar continued to weaken.

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U.S. Treasury Secretary Steven Mnuchin's endorsement of a weak dollar, triggered a slide in the currency that helped prop up the indexes.

Dow Jones industrial average futures gained 100 points, while S&P 500 and Nasdaq 100 futures advanced 8 points and 37 points, respectively. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.33 per cent at 89.1 and on track for a weekly fall of 1.6 per cent.

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.

Also lifting the index were gains in Pfizer, up 4.78 per cent after a European regulator recommended granting marketing approval to a diabetes drug developed by the company and Merck, up 1.21 percent.

Benchmark 10-year notes last fell 14/32 in price to yield 2.6711 percent, from 2.621 percent late on Thursday. The Nasdaq composite rose 41 points, or 0.6 percent, to 7,457.


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