Sun, June 16, 2024

Stocks up As Strong Earnings Bolstered the Equity Markets.

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Stocks rose on Thursday as strong earnings from major firms bolstered the equity markets.

The Dow Jones Industrial Average soared 175 points or 0.5%. Meanwhile, the S&P 500 surged 0.8%, whereas the tech-heavy Nasdaq Composite gained more than 1% to reach an intraday record high.

Ford shares advanced more than 8% on blockbuster earnings while also raising guidance. The automaker announced increased availability of semiconductors during the quarter allowed it to ramp up production. 

Remarkably, Mastercard, Merck, and Caterpillar also moved higher following earnings beats.

Shares of Apple and Amazon were moving higher to lift the Nasdaq. The shares of Tesla boosted 3%, continuing a strong stretch after last week’s earnings beat.

According to CNBC calculations, around 40% of S&P 500 firms have reported earnings, and more than 80% of them topped Wall Street expectations. S&P 500 companies should increase profit by about 37.6% in the third quarter.

Remarkably, shares of Northrop Grumman and eBay were under pressure on October 28 after disappointing quarterly reports.

The S&P 500 Has Increased 5.6% in October, Registering Its Best Month Since November 2020

GDP growth for the third quarter came in at 2.0%, below the 2.8% anticipated. Meanwhile, the reading marks a slowdown from 6.7% growth in the second quarter of the year.

On a more positive note for the economy, weekly initial jobless claims came in at 281,000, while economists anticipated 289,000 claims.

Wall Street was also watching events in Washington, where Democrats and President Joe Biden have reached a deal on a $1.75 trillion social spending bill.

On Wednesday, the S&P 500 slid 0.5% for its first down day in three. The blue-chip Dow declined more than 250 points, dropping for the first time in four days.

Notably, the S&P 500 has increased 5.6% in October, on pace to register its best month since November 2020. The Dow is up 4.9% this month, whereas the tech-heavy Nasdaq Composite has surged 5.5%.

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