Wall Street sharply made its way north on Nov 4, boldly backed by growing investor confidence over a U.S.-China trade resolution in the near-future and better-than-expected third-quarter earnings.
The three major indexes— the Dow, S&P 500 and Nasdaq Composite — finished in the green on Monday. Dow hit 27,462.11 after gaining 0.4%, the S&P 500 finished at 3,078.27 after adding 0.4% and the tech-laden Nasdaq Composite closed at 8,433.20 after increasing 0.6%.
The fear-gauge CBOE Volatility Index (VIX) rose 3.9% to close at 12.78 on Nov 4. Finally, advancers outnumbered decliners on the NYSE by a 1.64-to-1 ratio.
Fresh Progress in US-China Deal
Investors remained optimistic on Monday as new developments on Nov 3 indicated better U.S.-China relations and the possibility of a near-term trade deal.
U.S. Commerce Secretary Wilbur Ross said that companies that conduct business with China’s telecom giant Huawei Technologies Inc. will receive their licenses “very shortly”. Ross also mentioned Iowa, Hawaii and Alaska as probable sites for a meeting between President Donald Trump and his Chinese counterpart to sign the much-anticipated deal.
Impressive Q3 Earnings Season Continues
Shares of Forterra, Inc. (NASDAQ:FRTA) gained 1.3% on Monday after the pipe and precast products manufacturer’s Q3 2019 earnings of $0.34 per share surpassed the Zacks Consensus Estimate of $0.11.
The company’s revenues of $464.53 million in the said quarter also beat the Zacks Consensus Estimate by 4.62%. Forterra carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. (Read more)
Shares of Berkshire Hathaway Inc. (NYSE:BRKa) BRK.B added 1% on Nov 4 after the company reported Q3 2019 operating earnings of $7.9 billion, which increased 14.2% year over year. The improved earnings were largely a result of superior performance across all its segments.
Berkshire Hathaway’s segments – Insurance Operations, Railroad, Utilities and Energy and Manufacturing, Service and Retailing – registered solid revenue gains year-over-year. The company’s revenues also rose 2.4% on a year-over-year basis to reach nearly $64 billion. Berkshire Hathaway carries a Zacks Rank #3 (Hold). (Read more)
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