The latest round of strong earnings reports, including from Intel and AbbVie, along with continued weakness in the dollar lifted each of the major Wall Street indexes to closing records on Friday.
The three main indexes notched their best four-week run since 2016.
Intel’s (INTC.O) shares surged as high as $50.15, their highest level since October 2000, and closed up 10.55 percent at $50.08 after results indicated that the chipmaker’s shift to higher-margin data-center business was working.
AbbVie’s (ABBV.N) shares jumped 13.77 percent after the drugmaker significantly boosted its 2018 earnings forecast with help from U.S. tax reform and said it hopes to accelerate dividend growth and share buybacks.
“We continue to see these positive steps in the right direction and definitely earnings are clearly justifying a lot of the recent move that we’ve had,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.
Fourth-quarter earnings growth for the S&P 500 is now estimated at 13.2 percent, according to Thomson Reuters data, up from 12 percent at the start of the year. Of the 133 companies in the index that have reported through Friday, 79.7 percent have topped expectations.