Dow closes close to record high on Investing.com-fueled earnings

By Yasin Ebrahim

Investing.com – The Dow closed just short of record highs on Friday, as upbeat quarterly earnings and tech strength overshadowed concerns about rising Covid-19 cases for economic recovery.

On February 12, it was up 1.37%, or 399 points, closing at 29,476 just below its all-time high of 29,569. The rise of 1.36%, while 1.02% more.

As the quarterly earnings curtain closes, a wave of better-than-expected reports from a number of companies, including Disney and Cisco supported investor sentiment.

The Dow Walt Disney (NYSE 🙂 component reported a lower-than-expected loss and a number of subscribers that exceeded Wall Street’s expectations, driving its shares up by more than 2%.

Cisco Systems (NASDAQ :), meanwhile, beat Wall Street estimates as the work-from-home trend continued to increase demand for products. Its shares have increased by 7%.

DraftKings (NASDAQ 🙂 grew about 4% after launching better-than-expected guidance as the return of major sports increased customer engagement and quarterly results.

Sentiment on semiconductor stocks was strengthened thanks to upbeat comments from Applied Materials (NASDAQ 🙂 after better-than-expected third quarter earnings. RBC has raised a $ 82, from $ 75, citing the “solid beat and raise”. The bank said it expects to see “the firm gain market share and beat consensus expectations for fiscal year 2021” amid increased memory production.

The rise in semi-finals added to gains in the broader tech sector as Fab 5 shares fell from session lows.

Apple (NASDAQ 🙂 and Amazon.com (NASDAQ 🙂 were almost unchanged over the course of the day, while Facebook (NASDAQ :), Alphabet (NASDAQ 🙂 and Microsoft (NASDAQ 🙂 all traded higher.

The upward movement in the broader market comes in the wake of concerns about the impact on the economy of increasing restrictions to curb the increase in cases where New York City is reportedly looking to close schools as early as next year. week.

On Thursday, cases in the United States surged beyond a record 160,000 cases, while hospitalizations rose to a record 67,096, according to the Covid Tracking Project.

In other news, Comcast (NASDAQ 🙂 hit a record high, up 2%, after the company said its venture capital arm would be folded back into the business to focus on strategic investments.

Nio (NYSE :), meanwhile, was down nearly 8% after short-selling fund Citron Research suggested it was time to take a profit on the stock, citing competition from Tesla’s (NASDAQ 🙂 decision. cutting the price on the Model Y in China and an investor base that is unlikely to resist.