| Dow & S&P 500 Hit More Than 5-Year Highs |
| Jan-18-2013 |
| Keywords: stocks higher, general electric, consumer confidence, intel, earnings, 5 year highs |
Stocks on Wall Street finish today's trading mostly higher despite a steep drop in consumer confidence.
The Dow Jones Industrial Average finished up 54-points. The Nasdaq Composite slipped a point. The S&P 500 gained 5-points.
All three indexes marched higher for a third straight week. The Dow led advancers, tallying a 1.2% gain. The Nasdaq Composite finished up .3%, with the S&P 500 gaining .95% on the week. Those gains lifted both the blue chip index and S&P to the highest levels since December 2007.
Today's mixed index performances were reflective of economic news and earnings reports.
Investors were caught off-guard by a surprise drop in the consumer confidence. The University of Michigan/Reuters preliminary reading on consumer sentiment this month fell to 71.3, the lowest level since December 2011.
The market also digested mixed earnings. General Electric's earnings beats helped drive its stock up more than 3.47% on the day, making it the best performer on the blue chip index.
Fellow Dow component Intel meanwhile was a huge burden on the index. Intel's stock price fell 6.3% on its disappointing full-year outlook, which reflected the challenges the chipmaker faces in a weakening PC market. |
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Posted by Lou Dobbs Staff at 10:00 AM Email to a friend |
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