U.S. stocks rose Thursday after a rollercoaster October in which all three major indexes finished in the red.
In afternoon trading the major averages, which had their worst October in 10 years, were on track for a third day of gains. The Nasdaq Composite, coming off its worst month since November 2008, hasn’t seen three consecutive winning sessions since August, evidence of the extreme selling pressure that’s been hitting shares lately.
Quarterly earnings dominated investor sentiment, with special attention to Apple's fiscal fourth-quarter results, which were set to be released after the closing bell. The iPhone maker is expected to report earnings per share of $2.78, up 34 percent from a year ago, on a 17 percent surge in revenue to $61.57 billion, according to analysts surveyed by Refinitiv.
Other notable names reporting after the close of trading include Starbucks, CBS, Kraft Heinz, MetLife and Motorola Solutions.
Before the opening bell, DowDuPont reported that higher costs trimmed its third-quarter profit by 3.3 percent to $0.21 per share. Analysts expected $0.71 per share, according to Refinitiv. Shares opened up about 8 percent.
On the economic calendar, the major automakers reported a modest sales increase in October, and the government issued a strong report on weekly jobless claims. Manufacturing activity last month declined, according to the Institute of Supply Management.
Stocks climbed on Wednesday, boosted by the latest earnings reports and economic data.
The Dow Jones Industrial Average jumped 241.12 points, or nearly 1 percent, to 25,115.76. The S&P 500 rose 29.11 points, or 1.1 percent, to 2,711.74. The Nasdaq Composite was up 144.25 points, or 2 percent. at 7,305.90.
|I:DJI||DOW JONES AVERAGES||25327.72||+211.96||+0.84%|
|I:COMP||NASDAQ COMPOSITE INDEX||7424.0634||+118.16||+1.62%|
The Nasdaq remained down 9.2 percent for October and posted its worst month since 2008. The S&P 500 posted its largest one-month drop in more than seven years, off nearly 7 percent. The Dow’s monthly drop was 5.1 percent, its largest such fall since January 2016. Highflying technology stocks were among the most sharply sold sectors in October,
A handful of big names posted their quarterly results on Wednesday, and a highlight was General Motors. The carmaker topped quarterly expectations on strong truck and crossover sales.
Traders also digested the ADP payrolls report, which showed the U.S. economy added 227,000 jobs versus the estimate for 189,000. On Friday the government's monthly jobs report will be released.
In Asian market trading on Thursday, China’s Shanghai Composite climbed 1.13 percent.
Hong Kong's Hang Seng rose 1.75 percent.
Japan's Nikkei bucked the trend and ended the day down 1.06 percent
In Europe, London’s FTSE traded higher by 0.33 percent, Germany’s DAX gained 1 percent and France’s CAC was off 0.43 percent.