Dow hits record on Intel earnings

Dow hits record on Intel earnings

S. dollar remained weak after an official's recent comments. Fourth-quarter gross domestic product was up 2.6 percent, falling below expectations but strong enough to stave off concerns that the US economy was starting to stumble as it headed into the new year.

Shares of Intel Corp (INTC.O) jumped more than 10 percent and hit their highest level since October 2000 a day after the company reported quarterly results.

U.S. West Texas Intermediate (WTI) crude futures closed at $66.14 a barrel, up 63 cents, or almost 1 per cent.

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

The S&P 500 increased 8.52 points, or 0.30 per cent, to 2,846.06.

Oil prices settled higher on Friday after hitting three-year highs, with crude also posting a weekly gain as a weaker USA dollar underpinned prices. The greenback clawed back some of the losses after President Donald Trump said he ultimately wants the dollar to be strong.

Shortly after the opening bell, the Dow Jones Industrial Average added 112.60 points, or 0.43 per cent, to 26,364.72, reports Xinhua.

The dollar was last down 0.44 percent against a basket of currencies (). The Nasdaq composite gained 41 points, or 0.6 percent, to 7,452.

The company's stock rose four percent in pre-market trading before losing 0.41 percent in late trading.

The S&P healthcare index .SPXHC was the biggest gainer among the 11 major S&P sectors, up 1.3 percent, led by gains in AbbVie, Pfizer and Gilead.

Starbucks (O:) fell about 5 percent after it warned 2018 global cafe sales growth would be at the low end of its forecast.

Bond prices fell. The yield on the 10-year Treasury rose to 2.66 percent.

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