Stocks Jump on Signs Economy Is Getting Stronger
Although bank results were dominating the fourth-quarter earnings headlines, investors were also gearing up for chipmaker Intel's(INTC) . The company reported fourth-quarter income of 48 cents a share on $13.48 billion in revenue. Analysts polled by Thomson Reuters expected 45 cents a share on $13.53 billion in revenue. The stock was the biggest gainer in the Dow ahead the announcement, increasing 2.6% during Thursday's session.
The Dow Jones Industrial Average soared 85 points, or 0.63%, to 13,596. The blue-chip index has been up for five days out of six.
UnitedHealth(UNH) shares rose 1.4% after the company booked in-line fourth-quarter earnings of $1.20 a share on revenue of $28.77 billion. Analysts, on average, were expecting revenue of $28.2 billion.
Hewlett-Packard(HPQ) shares slipped 0.58% after Wednesday's advance on a news report that potential purchasers are evaluating the company's Autonomy and EDS units.
The S&P 500 advanced 8 points, or 0.56%, to 1,481. The benchmark index traded at a five-year high at its intraday high of 1485.16.
The Nasdaq tacked on 18 points, or 0.59%, to 3,136.