Earnings lift Wall St. to record highs; dollar fall continues

US manufacturing company 3M on Thursday also reported earnings and revenue that beat market expectations. Fourth-quarter gross domestic product was up 2.6 percent, falling below expectations but strong enough to stave off concerns that the US economy was starting to stumble as it headed into the new year. Economists polled by Reuters had forecast the economy to expand at a 3 percent rate.

"I was surprised at the headline numbers", said Brad McMillan, chief investment officer for Commonwealth Financial in Waltham, Massachusetts. It recouped some of the losses after President Donald Trump said he ultimately wants the dollar to be strong.

Spot gold XAU= was up 0.3 percent at $1,351.86, up 1.5 percent this week.

The Dow Jones Industrial Average added 140.67 points, or 0.54 percent, to 26,392.79.

The dollar index.DXY, which measures the greenback against a basket of six major currencies, was down 0.33 percent at 89.1 and on track for a weekly fall of 1.6 percent.

Canada's main stock index rose on Friday, led by shares in Bombardier, which closed up 15 per cent after it won an unexpected trade victory against USA planemaker Boeing Co.


The S&P 500 jumped 1.2 percent, its biggest daily percentage gain since March 1.

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.

Starbucks (O:) fell about 5 percent after it warned 2018 global cafe sales growth would be at the low end of its forecast.

Declining issues outnumbered advancers on the NYSE by 1,420 to 1,413.

The Nasdaq is up 74.79 points, or 1 percent.


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