Stocks Tick Higher Amid Mixed Earnings
October 30,2024 12:14 pm EST
Stocks climbed higher Wednesday as investors digested a deluge of earnings reports and looked toward more results from megacap technology companies.
The Dow Jones Industrials gained 198.02 points to greet Wednesday afternoon at 42,431.97
The S&P 500 index moved ahead 15.97 points to 5,848.71
The NASDAQ grabbed 45.65 points to 18,758.40.
Alphabet kicked off a major week for megacap tech earnings. The Google parent exceeded analysts' expectations as the company saw strong quarterly revenue growth from its cloud business. Shares surged around 6%.
Elsewhere, earnings results were less upbeat. Shares of chipmaker AMD slid 10% as its fourth-quarter revenue guidance failed to impress investors. The broader semiconductor sector fell as shares of Super Micro Computer plunged 32% after the departure of the company's auditor raised concerns about its financial statements.
Tech titans Meta Platforms and Microsoft are set to report on Wednesday, while Apple and Amazon are due Thursday.
On the economic front, the latest numbers pointed to a mixed backdrop.
The U.S. economy grew at a slower-than-expected rate in the third quarter, according to gross domestic product figures for the third quarter. GDP rose at a 2.8% annualized rate, while economists surveyed by Dow Jones had been looking for an increase of 3.1%.
However, payrolls data on Wednesday pointed to a stronger-than-expected labor market. According to the latest ADP report for October, private-job creation jumped to its highest level in more than a year.
Prices for the 10-year Treasury gained Wednesday, lowering yields to 4.25% from Tuesday's 4.26%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.65 to $68.88 U.S. a barrel.
Prices for gold jumped $14.60 an ounce to $2.795.70 U.S.
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