Intel, Pfizer Drive DJIA Surge Higher on Friday

January 26, 2018: Markets opened higher again Friday even after the preliminary report on fourth-quarter GDP came in weaker than expected at 2.6%. Both the DJIA and the S&P 500 posted record highs today. The dollar recovered strength following a TV interview with Treasury Secretary Mnuchin and a Davos speech by President Trump.

WTI crude oil for March delivery settled at $66.14 a barrel, up 1% for the day and up a sharp 4.5% for the week. February gold dropped about 0.8% on the day to settle at $1,352.10, but up 1.4% for the week. Equities were headed for a solidly higher close shortly before the bell as the DJIA traded up 0.72% for the day, the S&P 500 traded up 1.02%, and the Nasdaq Composite traded up 1.09%.

Bitcoin futures for January delivery traded at $10,945, down about 2.7% on the CME after opening at $11,355 this morning. The digital currency’s trading range for the day was $10,345 to $11,570.

The DJIA stock posting the largest daily percentage gain ahead of the close Friday was
Intel Corp. (NYSE: INTC) which traded up 9.98% at $49.82. The stock’s 52-week range is $33.23 to $49.95 and the high was posted today. Volume was more than double the daily average of around 33.3 million. The company reported a solid fourth-quarter last night, and affirmed that it expects little damage from the chip flaws that were revealed earlier this month.

Pfizer Inc. (NYSE: PFE) traded up 4.86% at $39.04. The stock’s 52-week range is $30.93 to $39.09, a new 52-week high posted this afternoon. Volume was nearly 35 million shares, more than double the daily average of around 16 million shares. The company had no specific news Friday.

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3M Company (NYSE: MMM) traded up 2.33% at $258.23. The stock’s 52-week range is $173.55 to $259.77, a new 52-week high posted this morning. Volume was about 50% above the daily average of around 2 million shares. The company posted solid earnings Thursday morning and is taking another bow today.

The Walt Disney Co. (NYSE: DIS) traded up 1.49% at $112.20. The stock’s 52-week range is $96.20 to $116.10. Volume was about 25% below the daily average of around 8.6 million shares. The company had no specific news Friday.

Of the Dow stocks, 22 are on track to close higher Friday and 8 are set to close lower.

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