Stock Ticker [BRIEFING.COM] Another solid round of earnings...

Stock Ticker

[BRIEFING.COM] Another solid round of earnings reports catalyzed a pervasive bullish sentiment Friday. A lower than expected read on fourth quarter GDP growth did little to temper buying action, and appeared to take a back seat to the corporate front today.

Dow components Microsoft (MSFT 27.77 +1.27) and Proctor & Gamble (PG 59.75 +0.93) were the session's highlights. The former delivered strong profits and issued reassuring guidance that supported both the Tech sector (+1.0%) and the broader market. Surging Broadcom (BRCM 69.87 +11.15) shares, following its blowout Q4 results, lent significant upside and underpins our Overweight rating on the sector. On account of BRCM and KLA Tenecor (KLAC 54.17 +0.16), which also reported better than expected earnings, semiconductors soared.

Up 1.9%, the Energy sector led. Amid continued geopolitical tensions, (i.e., Iran and Nigeria) supply concerns drove the price of crude 2.3% higher. Along with that factor, further indications of oil companies' profitability drove buyers to the Energy sector. Last night, Haliburton (HAL 78.95 +3.80)delivered strong earnings, followed by Chevron (CVX 60.77 +0.55) this morning. Health Care (+1.2%) also contributed to the market's advance. The health care equipment industry ran following Styker's (SYK 50.55 +6.22) earnings news, as did healthcare suppliers after Milipor (MIL 71.34 +5.90) reported. Pfizer (PFE 25.99 +0.94) was the muscle behind the rise; the company announced approval for its Exubera drug, and was also featured in Barron's today. Boston Scientific (BSX 21.55 -1.60) was the sector's weakest link - following its receipt of an FDA warning letter and on account of disappointing earnings from Guidant (GDT 73.73 1.53).

Homebuilders fared well after this morning's housing data, and a subsequent rise in the home furnishing industry took the Consumer Discretionary sector to a 0.4% gain. New home sales rose a surprising 2.9% last month; declines are still expected in the months ahead, but the report nonetheless served as another bullish factor for equities today. Proctor & Gamble's fiscal Q2 results stirred buying across the Consumer Staples (+0.8%) sector, and surging steel stocks were behind a 0.9% rise in Materials. On a related note, Mittal Steel (MT 34.13 +1.83) made a $2.27 billion cash bid for Arcelor SA this morning.

With respect to the GDP data, the economy grew 1.1% during Q4; economists had expected a 2.8% increase. Stock investors shrugged off the report, though. A sharp drop in auto sales was largely responsible for the miss relative to the consensus estimate, and we expect to see a rebound in Q1. Also, the fact that the data is dated helped investors get over the surprise. Anecdotally, the "soft" Q4 GDP report could actually serve as a source of support as it feeds the argument the Fed, after its Jan. 31 FOMC meeting, will have reason to pause its tightening activities. Ultimately, the market's attention rested upon the solid earnings front.NYSE Adv/Dec 2085/1174...Nasdaq Adv/Dec 1758/1238