The Dow and S&P 500 See Multi-Year Highs; Intel Disappoints (INTC)

The stock market continued with gains for the third straight week as the Dow and S&P 500 closed at five-year highs. Companies such as General Electric (GE) and Research in Motion (RIMM) pushed the major indices higher on positive outlooks for future earnings. Morgan Stanley (MS) shares rose after the firm reported a Q4 profit and mentioned  efforts to cut costs. On the other hand Intel (INTC) slumped 6.7% after warning investors of another possible drop in quarterly sales. Consumer confidence unexpectedly dropped to a one-year low in January, mostly due to higher payroll taxes and the potential for the economy to slow in early 2013. In global news, the Chinese economy expanded 7.9% more during the fourth quarter than last year. Next week Apple (AAPL) will be releasing their quarterly data and the House of Representatives plan to vote on a three-month increase in the US debt ceiling.

Word on the Street

• Consumer confidence in the US falls unexpectedly to a one-year low as higher payroll taxes hit.
• Morgan Stanley (MS) jumps 8% after swinging a profit during the fourth quarter.
• Oil caps its longest winning streat in fourteen months ahead of the planned debt ceiling vote.
• Sony (SNE) sells its headquarters in New York for $1.1 billion to The Chetrit Group real estate company.
• Shareholders wonder what CEO Immelt will do with General Electric Co’s (GE) money.
• Released minutes from past Fed meetings reveal the slow reaction to the 2007 financial crisis.
• HSBC (HBC) settles with regulators over foreclosure allegations with $249 million in compensation.
• Venture capital funding dropped for the first time in three years to $26.5 billion in 2012.

Interesting Tidbits

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