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.

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Published on Jan 18, 2013
By InvestorGuide Staff

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