Strong Data and Earnings Push S&P to Five-Year High (BAC, INTC)

The S&P 500 hit a five-year high on Thursday on positive data from the housing market, jobs report and corporate results that beat expectations for the fourth-quarter. Unemployment claims in the US dropped to a five-year low last week. Several companies in the housing sector gained including PulteGroup Inc. (PHM) and Toll Brothers Inc. (TOL). The Dow and Nasdaq finished in the green today as well. Multiple earnings reports were released from major banks -both Citigroup (C) and Bank of America (BAC) saw stock prices drop after sharing their Q4 data.
After the bell Intel (INTC) announced a higher-than-expected revenue for the past quarter but earnings that were still lower than the same quarter one year earlier. After news of this positive economic data Treasury prices fell for the first day in five. Increased investor demand at Spain's debt auction momentarily eased euro zone worries and pushed the euro up against the dollar, while the yen continued to drop and hit another low.

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Published on Jan 17, 2013
By InvestorGuide Staff

Copyrighted 2016. Content published with author's permission.

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