Dow pops more than 100 points, closes at record after Caterpillar and 3M earnings

25.01.2018 / 23:15

Rating:

The Dow Jones industrial average closed at a record on Thursday on the back of stronger-than-expected quarterly results from Caterpillar and 3M.

The 30-stock index gained 140 points. The Dow rose as much as 206 points but came off its highs after President Donald Trump told CNBC the dollar will get "stronger and stronger" under his leadership. (Click here for the full story on Trump's comments.)

The dollar index reversed losses and traded higher by 0.1 percent.

The S&P 500 pared most of its gains and closed 0.1 percent higher. The Nasdaq composite gave up its gains and closed 0.1 percent lower. Earlier, the S&P 500 and Nasdaq followed the Dow higher as a strong earnings season rolled on.

"The numbers companies are releasing, along with the upbeat views from executives, is helping analysts lift their estimates and that's helping stocks advance," said Mark Luschini, chief investment strategist at Janney. "You [also] have strong U.S. and overseas economic growth, and that is supportive for stocks."

Shares of Caterpillar rose as much as 2.8 percent before finishing 0.6 percent higher, while 3M gained 1.9 percent. Celgene and McCormick also reported better-than-forecast quarterly earnings and sales.

"This is going to be earnings-driven for the next couple of weeks," said Tim Dreiling, regional investment director at U.S. Bank Wealth Management. "Thus far, it's been terrific news."

Calendar fourth-quarter earnings and sales have mostly beat analyst expectations thus far. Of the companies that have reported quarterly results, 78 percent have beaten earnings expectations, while 82 percent have surpassed revenue estimates.

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov

Varchev Traders

Read more:

RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.

WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.

Varchev Finance

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Dow pops more than 100 points, closes at record after Caterpillar and 3M earnings

London

Universal numbers