Solid Earning Reports Give Markets a Boost

Netflix, however, had disappointing news
By Newser Editors and Wire Services
Posted Oct 20, 2020 4:02 PM CDT
Stocks Close Higher After Strong Company Reports
In this Oct. 14, 2020 photo, pedestrians pass the New York Stock Exchange in New York.   (AP Photo/Frank Franklin II, File)

Stocks closed broadly higher Tuesday as Wall Street welcomed a batch of solid earnings reports from US companies. The S&P 500 gained 0.5%, recouping some of its loss from a day earlier. Technology, communication, and financial stocks powered most of the gains, while household goods makers fell, the AP reports. The market had been on track for a stronger finish, before losing some of its gains by the final hour of trading. The S&P 500 rose 16.20 points to 3,443.12. The Dow Jones Industrial Average of big blue chips gained 113.37 points, or 0.4%, to 28,308.79. It had been up 379 points. The Nasdaq composite snapped a five-day losing streak, rising 37.61 points, or 0.3%, to 11,516.49.

Traders bid up shares in several companies that reported quarterly results that were better than analysts expected, including Procter & Gamble, Regions Financial, Albertsons, and Travelers. Others didn't fare as well. Netflix shares fell in after-hours trading after the streaming service reported third-quarter earnings and a tally of new subscribers that fell short of analysts' expectations. Shares in Google's parent company rose despite news that the Justice Department sued the Internet giant Tuesday, claiming Google has abused its dominance in online search and advertising to stifle competition and harm consumers.

(Read more stock market stories.)

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