Dow, S&P 500, Nasdaq surge to records on strong earnings

The Dow Jones Industrial Average and S&P 500 have closed at their highest levels ever

The Dow Jones Industrial Average and S&P 500 have closed at their highest levels ever

At the close of trading in NY, the Dow Jones Industrial Average advanced 140.67 points, or 0.5%, to 26,392.79. The broad-based S&P 500 rose 1.2 percent to 2,872.11, and the tech-rich Nasdaq Composite Index also jumped 1.2 percent to 7,501.71. The results of Intel and some other companies helped investors shrug off weaker-than-expected U.S. economic growth data.

"The beat rates and growth rates are as good as we have measured for these 133 companies in any earnings season over the past five years", said Nick Raich, CEO of The Earnings Scout, in a note.

The Nasdaq closed lower for the second straight day, edging down 3.89 points or 0.1% to 7,411.16.

Shares of Canopy Growth Corp rose 10.8 per cent to $35.09. after AltaCorp Capital upgraded the stock to "speculative buy".

Chipmaker Intel jumped 10.6 percent Friday after turning in strong quarterly results.

Fourth-quarter earnings growth for the S&P 500 is now estimated at 13.2 per cent, according to Thomson Reuters data, up from 12 percent at the start of the year. S. crude rose 0.89 percent to $66.09 per barrel and Brent was last at $70.47, up 0.07 percent on the day. Spot gold was up 0.3 per cent at $1,351.86, up 1.5 per cent this week.

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

Hugh Masekela, South African jazz legend dead at 78
Masekela returned to South Africa in 1990 after Mandela was freed and the ban on the African National Congress party was lifted. Ken Addy did not only follow Hugh Masekela's musical exploits.

The dollar strengthened after Pres. Trump said Wednesday's comments from Treasury Secretary Mnuchin - who said he welcomed a weaker dollar - were taken out of context and clarified that his administration ultimately wants to see a stronger dollar.

Oil prices settled higher on Friday after hitting three-year highs, with crude also posting a weekly gain as a weaker US dollar underpinned prices.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.67 percent.

In the energy market, oil prices settled higher, with crude also posting a weekly gain as the weaker dollar underpinned prices.

Railroad stocks saw substantial weakness throughout the session, resulting in a 3.3% slump by the Dow Jones Railroads Index.

The S&P 500 increased 8.52 points, or 0.30 per cent, to 2,846.06. That's the highest level for that benchmark rate since July 2014.

Brent posted a almost 2.7-per-cent weekly gain, while WTI reached a weekly gain of 4.3 per cent.

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