U.S. Stocks Gain After Inauguration; Consumer Shares Increaseby
U.S. stocks rose as an increase in crude oil spurred gains in energy companies. The benchmark index pared earlier gains as President Donald Trump delivered his inauguration address. Consumer staples shares climbed as Procter & Gamble Co. reported quarterly earnings that topped estimates.
The S&P 500 Index added 0.3 percent to 2,271.29 at 4 p.m. in New York as the Dow Jones Industrial Average increased 95 points to 19,826.97, led by a 3.7 percent gain in shares of Merck & Co. Both gauges rose after declining more than 0.3 percent on Thursday.
- Eight of 11 industry groups higher
- Telecom shares rise 0.9 percent, led by AT&T Inc., which signed up new pay-TV customers for the first time in seven quarters thanks entirely to its new live online video service
- VIX declined 9.2 percent, its first loss in four days
- Analysts estimate profit at S&P 500 companies rose 4.3 percent in the fourth quarter of 2016, and see profit jumping 12 percent this year
- The Bloomberg Dollar Spot Index decreased 0.4 percent. The gauge declined for a fourth straight week
- General Electric Co. fell as much as 2.9 percent, biggest intraday decline since Sept. 9, after missing fourth-quarter sales estimates