NEW YORK: Wall Street stocks rallied early Thursday, recovering some of the prior session’s losses following a deluge of mostly solid earnings reports.
About 25 minutes into trading, the Dow Jones Industrial Average was up 0.9 percent at 24,804.94.
The broad-based S&P 500 gained 1.1 percent to 2,686.01, while the tech-rich Nasdaq Composite Index jumped 2.0 percent to 7,247.05.
Major US indices lost more than two percent Wednesday in an ugly sell-off precipitated by worries over slowing corporate earnings growth.
Other issues that have pressured stocks include worries about higher US interest rates and anxiety over the fallout from the murder of Saudi Arabian journalist Jamal Khashoggi.
Most of the companies that have reported results since Wednesday’s session were solidly higher, including Microsoft, which surged 5.7 percent after reporting a 34 percent increase in profits from the year-ago period to $8.8 billion in the quarter ending September 30.
Tesla Motors powered 8.3 percent higher after the electric car maker reported a third-quarter profit of $311.5 million, much better than the loss expected by Wall Street analysts.
Others to gain after reporting results included Ford, up 7.5 percent and American Airlines, up 5.0 percent, and Twitter, up 18.4 percent. Dow member Merck fell 3.5 percent.
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Source: Brecorder
