Markets Right Now: Stock indexes power to more record highs
NEW YORK (AP) — The latest on developments in financial markets (All times local):
Stocks are surging further into record territory on Wall Street, driven by more gains in technology and health care companies.
Chipmaker Intel jumped 10.6 percent Friday after turning in strong quarterly results. AbbVie, a drugmaker, soared 13.8 percent after releasing a strong report of its own.
Health care stocks had their biggest daily gain since the day after the presidential election.
Wynn Resorts plunged after The Wall Street Journal reported allegations of sexual assault and harassment by CEO Steve Wynn.
The Standard & Poor’s 500 index rose 33 points, or 1.2 percent, to 2,872.
The Dow Jones industrial average added 222 points, or 0.8 percent, to 26,616. The Nasdaq gained 94 points, or 1.3 percent, to 7,505.
Bond prices fell. The yield on the 10-year Treasury rose to 2.66 percent.
U.S. stocks are rising as technology and health care companies make more gains.
Chipmaker Intel jumped 9.4 percent and drugmaker AbbVie soared 9.3 percent after both reported results that were far better than analysts were expecting.
VMware rose 12 percent after The Wall Street Journal reported that Dell may pursue a full takeover of the company.
The Standard & Poor’s 500 index rose 13 points, or 0.5 percent, to 2,852.
The Dow Jones industrial average added 71 points, or 0.3 percent, to 26,464. The Nasdaq composite gained 41 points, or 0.6 percent, to 7,452.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.67 percent. That’s the highest level for that benchmark rate since July 2014.
Solid gains in technology and health care stocks are sending major U.S. indexes higher in early trading on Wall Street.
Intel jumped 7 percent in the first few minutes of trading Friday after reporting results for its latest quarter that easily beat analysts’ forecasts. Intel also gave a strong sales outlook.
Drugmaker AbbVie rose 6.4 percent after its results also came in ahead of expectations.
The Standard & Poor’s 500 index rose 9 points, or 0.3 percent, to 2,848.
The Dow Jones industrial average added 52 points, or 0.2 percent, to 26,440. The Nasdaq composite gained 31 points, or 0.4 percent, to 7,443.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.64 percent.