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US stocks rise as Trump agrees to suspension of government shutdown

Last updated: 17:05 25 Jan 2019 EST, First published: 02:16 25 Jan 2019 EST

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US stocks closed higher after President Donald Trump said he had agreed with congressional leaders to reopen the federal government for three weeks and continue negotiations over border security.

The Dow Jones Industrial Average climbed 183.96, or 0.8%, to 24,737.20 and posted its fifth straight week of gains.The Nasdaq Composite was up 1.3% to 7,164.86.

Apple Inc (NASDAQ: AAPL) was the biggest winner among the 30 companies on the Dow index, rising 3.3% to $157.76 as it prepared to release earnings after the bell Tuesday.

The S&P 500 Index increased 0.9% to 2,664.76, while the Russell 2000 of small-caps was up 1.3% to 1,482.85.

ResMed Inc (NYSE:RMD) was the worst performer among the S&P 500 companies, tumbling 19% to $94.56 after reporting second-quarter revenue that missed the forecasts of analysts.

AbbVie Inc (NYSE:ABBV) declined 6.2% to $80.54 as the drug company posted disappointing fourth-quarter results.

Up in Canada, the S&P/TSX Composite Index climbed 0.6% to 15,366.05.

1:29 PM: Dow picks up over 200 points on optimism about temporary end to US government shutdown

US stocks swung higher in afternoon trade on Friday as investors overlooked a mediocre earnings report from Intel and grew hopeful about the end of the US government shutdown.

As the time of writing, the Dow Jones Industrial Average was on track for its fifth consecutive week of gains and climbed 0.67% to 24,717 after Congressional leaders and President Donald Trump struck a deal that would temporarily reopen the government for three weeks.

The tech-laden Nasdaq was also up 1.35% at 7,168 while the S&P 500 added 25 points to hit 2,667.

Shares of Intel (NASDAQ:INTC) were trading down 5% at $47.22 after the tech company posted lower-than-anticipated revenue for the fiscal fourth quarter and also projected feeble earnings for the first quarter.

Western Digital (NASDAQ:WDC) added 4.6% to $42.00 after the data storage device maker suggested its sales would pick up in the second half of the year.

In Canada, Toronto’s TSX jumped 0.5% to 15,362 while US small-cap stocks also fared well, with the Russell 2000 index popping by 1.2% to 1,482.

7:16 AM: DJIA set for triple digit gain after mixed close for US stocks

Wall Street shares are set for a firmer start Friday as the government shutdown rumbles on. The Dow Jones Industrial Average is poised for a more than 180-point gain, according to futures trade.

In Europe, benchmarks are also higher, with the FTSE 100 in London up 154 points at 6,833. The German DAX is ahead by 169 points.

In the US yesterday, computer chip makers were in the frame, led by a boost in the tech-heavy Nasdaq index while the Dow Jones Industrial Average slipped on renewed US-China trade concern.

The Nasdaq rose 0.7% to 7,073.46, and the Dow slipped 0.1% to 24,553.24.

The broader-based S&P 500 Index edged up 0.1% to 2,642.33. The Russell 2000 of small-caps advanced 0.7% to 1,464.41.

Today, futures for the Dow Jones are up 181 points; Nasdaq futures are ahead by 67 and the S&P 500 futures are 19.5 higher.

On the corporate front, traders await more earnings. Among them, toothpaste and soap giant Colgate-Palmolive Company (NYSE:CL) is set to release earnings before the bell.

In Asian shares overnight, the Nikkei 225 index added almost 199 points, while the Shanghai Composite Index added around ten points at 2,601.

Up in Toronto, the largest market there, the TSX closed 72 points higher at 15,280.

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