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U.S. stocks rally amid solid earnings, economic data

2018-11-01 10:11

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U.S. stocks rose on Wednesday following a strong previous session as investor sentiment was fueled by a slew of solid corporate earnings.

The Dow Jones Industrial Average jumped 241.12 points, or 0.97 percent, to 25,115.76. The S&P 500 was up 29.11 points, or 1.09 percent, to 2,711.74. The Nasdaq Composite Index increased 144.25 points, or 2.01 percent, to 7,305.90.

Visa and Caterpillar stocks advanced 3.83 percent and 3.29 percent, respectively, leading the winners in the Dow.

Eight of the 11 primary S&P 500 sectors closed higher with technology up 2.39 percent, outperforming others.

Many major U.S. tech shares gained, contributing to the Nasdaq. Netflix climbed 5.59 percent and Amazon advanced 4.42 percent.

General Motors shares soared more than 9 percent at the close after the company reported the latest quarterly results that topped Wall Street estimates.

Facebook stock increased 3.81 percent. The U.S. social media giant released on Tuesday better-than-expected quarterly earnings. The company has announced plans to invest significantly in its business next year.

Wall Street also digested a batch of economic data.

U.S. private sector employed 227,000 more jobs from September to October, beating market consensus, according to the October ADP National Employment Report on Wednesday.

The Chicago Purchasing Managers Index (Chicago PMI), also known as Chicago Business Barometer, declined to 58.4 in October, the lowest reading since April, down 2.0 points from 60.4 in September, according to a statement released by the Institute for Supply Management Chicago. The barometer is considered to be a leading indicator of the U.S. economy, which is designed to present an advance picture of the economic landscape and highlight changing trends in business activity.

U.S. stocks have been under pressure this month as investors fret over rate hikes, trade tensions and signs of slowing global growth.

Despite handsome gains during the final two trading sessions in October, all the three major indices posed great monthly losses.

The Dow and the S&P 500 decreased 5.07 percent and 6.94 percent, respectively, for the month, while the Nasdaq plunged 9.2 percent.
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