Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

U.S. stocks rise on hopes for solid Apple earnings; Dow rises 0.12%

Published 10/20/2014, 04:11 PM
Updated 10/20/2014, 04:18 PM

Investing.com - U.S. stocks traded largely higher on Monday on hopes for Apple to release upbeat third-quarter earnings, though disappointing numbers from IBM weighed on the Dow.

At the close of U.S. trading, the Dow 30 rose 0.12%, the S&P 500 index rose 0.91%, while the NASDAQ Composite index rose 1.35%.

The CBOE Volatility Index index, which measures the outlook for market volatility, was down 14.78% at 18.74.

Apple Inc (NASDAQ:AAPL) was due to release third-quarter earnings later on Monday after the closing bell, though expectations for a solid report boosted stock prices earlier.

Still, International Business Machines (NYSE:IBM) reported earlier that it was cutting its 2015 earnings forecast, pointing out it won't meet its $20 a share target, a figure that has held for five years, which weighed on broader stock indices, the Dow Jones especially.

The company's third-quarter earnings missed expectations, which also hammered its stock price.

The technology bellwether reported earnings excluding items of $3.68 a share and revenue of $22.40 billion.

Markets were expecting earnings excluding items of $4.31 a share and revenue of $23.37 billion.

Leading Dow Jones Industrial Average performers included Walt Disney Company (NYSE:DIS), up 2.00%, Nike Inc (NYSE:NKE), up 1.97%, and Home Depot Inc (NYSE:HD), up 1.80%.

The Dow Jones Industrial Average's worst performers included International Business Machines (NYSE:IBM), down 7.17%, Cisco Systems Inc (NASDAQ:CSCO), down 1.35%, and Caterpillar Inc (NYSE:CAT), down 1.07%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 1.09%, France's CAC 40 fell 1.04%, while Germany's DAX fell 1.50%. Meanwhile, in the U.K. the FTSE 100 fell 0.68%.

On Tuesday the U.S. is to release private-sector data on existing home sales.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.