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The New York Stock Exchange’s Dow Jones closed on a positive note on Tuesday (October 24) in response to the strong performance of listed companies. This includes General Electric (GE), and the market was supported by bright US economic data.
The Dow Jones Industrial Average closed at 33,141.38 points, up 204.97 points, or +0.62%, the S&P 500 index closed at 4,247.68 points, up 30.64 points, or +0.73%, and the Nasdaq index closed at 13,139.88 points, up 121.55 points, or +0.93%. %.
Investors bought stocks in large numbers. After several listed companies reported better-than-expected results, General Electric revealed third-quarter earnings per share of 82 cents, higher than analysts’ expectations of 56 cents, and raised its earnings forecast for fiscal year 2023. This helped support General’s stock price. Electric. Increase 6.5%.
Coca-Cola reported third-quarter earnings per share of 74 cents, beating estimates of 69 cents, which helped Coca-Cola’s stock price rise 2.9%.
General Motors (GM) is the largest automobile manufacturer in the United States. It revealed third-quarter earnings per share of $2.28, higher than analysts’ expectations of $1.88. However, GM shares closed down 2.3% after the company cut its earnings forecast for fiscal year 2023 amid rising costs due to the impact of the US strike. Union Auto Workers (UAW)
Verizon shares rose 9.3% after the company raised its cash flow forecast for fiscal 2023, while 3M shares rose 5.3% and RTX shares rose 7.2% after both companies reported strong, better-than-expected third-quarter results.
Shares of Meta Platform fell 0.5% after reports that prosecutors from 42 states across the US have joined forces to prosecute Meta. Charged with misleading the public about the dangers of using the company’s platform and intentionally luring young people into addiction to using Facebook and Instagram (IG) by designing algorithms to continuously use these social media platforms to the point of affecting the mental health of young people
Strong US economic data was another factor that helped the market close in positive territory. By Standard & Poor’s Global revealed that the Purchasing Managers’ Index (PMI) included the US manufacturing and primary services sectors in October. It rose to 51.0, the highest level in three months, from 50.2 in September, with the PMI above 50, indicating expansion in the US business sector.
Investors are watching the US third quarter 2023 GDP report on Thursday. This will be the first estimate as the market expects GDP growth to rise to 4.3% from 2.1% in the second quarter.
Investors will also be closely watching the release of the Personal Consumption Expenditures (PCE) price index for September in the US on Friday. The PCE is a measure of inflation provided by the Federal Reserve (Federal Reserve), and is important because it can detect changes. In consumer behavior it covers the prices of goods and services more broadly than the Consumer Price Index (CPI).
Source: InfoQuest News Agency
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