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Stocks - Wall Street Rises on Strong Earnings Results

Published 10/25/2018, 09:58 AM
Updated 10/25/2018, 09:58 AM
© Reuters.  Wall Street rose after the opening bell. – Wall Street opened higher on Thursday as a strong slew of earnings helped markets recover from Wednesday’s selloff.

The S&P 500 rose 28 points or 1.06% to 2,684.38 as of 9:55 AM ET (13:55 GMT), while the Dow increased 204 points, or 0.83%, to 24,788.18 and the tech-heavy Nasdaq Composite was up 132 points, or 1.86% to 7,240.90.

Tesla (NASDAQ:TSLA) was among the top gainers after the morning bell, soaring 8.21% after company reported a net profit, positive cash flow and wider-than-expected margins for the latest quarter. Ford Motor Company (NYSE:F) rose 7.33% and Microsoft (NASDAQ:MSFT) gained 5.66% after both companies reported beat forecasts.

AT&T (NYSE:T) was up 0.79% while Twitter Inc (NYSE:TWTR) jumped 17.51% after it reported better than expected earnings.

Elsewhere Advanced Micro Devices (NASDAQ:AMD) crashed 11.89% after its quarterly revenue missed expectations due to a fall in cryptocurrency mining equipment sales.

Meanwhile the number of people who filed for unemployment assistance in the U.S. last week rose more than expected, but remained in territory consistent with a strengthening labor market.

In commodities, gold futures increased 0.42% to $1,233.00 a troy ounce while crude oil futures surged 0.76% to $67.33 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.15% to 96.33.

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