real-time news and commentary for investors
Thursday, Oct 24
Stocks climb higher on earnings, China data; S&P reclaims 1750
- Stocks recovered yesterday's losses to close higher, with the S&P 500 reclaiming the 1,750 mark, as investors cheered upbeat earnings reports and positive economic data from China.
- U.S. stocks followed global markets higher after Chinese manufacturing data suggested the country's economy will reach the 7.5% growth target for the year.
- The Dow climbed nearly 100 points, boosted by Visa and Home Depot; the blue-chip index is now within 1.5 percent of its all-time high.
- Homebuilder stocks rallied after Pulte's earnings report, which showed revenue rising on an increase in home prices and closings; shares jumped 7%.
- Telecoms trailed, pressured as AT&T's Q3 revenue came in below estimates.
- The yield on the 10-year Treasury edged up to 2.51%, the dollar fell again vs. the euro, and gold continues to firm, up 1.2% to $1,350/oz.