TSX finishes higher, boosted by Bombardier trade case win

Posted January 27, 2018

In 1.15pm trading in NY, the Dow Jones Industrial Average climbed 0.6 percent, while the Nasdaq Composite Index rose 0.2 percent.

The MSCI world equity index, which tracks shares in 47 countries, was on track for its 10th week of gains, and the Dow and S&P 500 hit record highs. The health care and tech industry also showed and proved to be performing sectors. Of the 133 companies in the index that have reported through Friday, 79.7 per cent have topped expectations. The Nasdaq composite gained 41 points, or 0.6 percent, to 7,452.

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.

Utilities (+1.5%), health care (+0.9%) and telecom services (+0.7%) finished at the top of today's sector standings, while energy (-0.8%) was easily the weakest as WTI crude oil reversed recent gains to settle 0.2% lower at $65.51/bbl following a sharp upward move in the USA dollar.

"It's non-stop positive reinforcement that keeps pushing the market up", said Frank Davis, director of sales and trading at LEK Securities in NY. The stock ended 0.61 percent higher.

Caterpillar is beginning 2018 with strong sales momentum, the company said, adding that there are "positive economic indicators across most of the world and in numerous company's end markets".

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S&P 500 companies on average are expected to have increased their fourth-quarter earnings by 12.7 percent, according to Thomson Reuters I/B/E/S.

The first quarter earnings for 2018 are also therefore rising.

Earlier in the week, the Nasdaq and the S&P 500 also closed at record highs. The stock was last down 0.42 percent. Eastern Time, with economists polled by MarketWatch forecasting 240,000 claims.

"The dollar move has attracted a lot of attention for the right reasons; it's a pretty important driver right now for other assets", said Peter Cecchini, managing director and chief market strategist at Cantor Fitzgerald in NY. The general sentiment however, remained that the companies' data and earnings were enough to send the stocks above their values.

The Dow Jones Industrial Average finished firmly higher on Thursday buoyed by stronger-than-expected quarterly results in a pair of industrial heavyweights, but the day's trade wasn't without its bumps.

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