(MENAFN- Baystreet.ca) Dow Follows Earnings into Stratosphere
U.S. stocks rose Thursday after better-than-expected earnings reports from Bank of America and other major companies.
The Dow Jones Industrials leaped 385.58 points, or 1.1%, to 34,763.39.
The S&P 500 gained 53.43 points, or 1.2%, to 4,417.23.
The NASDAQ Composite jumped 197.09 points, or 1.4%, to 14,768.72.
Third-quarter earnings season rolled on Thursday with several big banks and Dow members reporting financial results before the bell.
Eight members of the S&P 500 reported earnings Thursday morning and all eight beat earnings-per-share expectations from Wall Street.
Bank of America saw its shares rise in the premarket after beating earnings expectations. Morgan Stanley, Wells Fargo and Citigroup shares both ticked lower despite earnings beats.
Dow constituent UnitedHealth also gained after the companies' quarterly results topped estimates and was the top performer on the blue-chip average.
Walgreens Boots Alliance shares ticked down even after the drugstore chain beat expectations. The company announced it would become majority owner of VillageMD with a $5.2-billion investment.
A lower-than-anticipated number of weekly jobless claims added to the positive market sentiment. Initial unemployment insurance claims last week totaled 293,000 – the first time the tally fell below the 300,000 level during the pandemic-era.
September's producer price index was lighter than expected, also helping sentiment. Wholesale prices rose 0.5% from the month prior versus the 0.6% Dow Jones estimate.
Prices for 10-year Treasurys gained, lowering yields to 1.53% from Wednesday's 1.54%. Treasury prices and yields move in opposite directions.
Oil prices regrouped 28 cents to $80.72 U.S. a barrel.
Gold prices added $2.40 to $1,797.10 U.S. an ounce.
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