NEW YORK (AP) — The latest on developments in financial markets (all times local): 2:45 p.m. Stocks are surging on Wall Street, a day after a huge rout erased the market’s gains for the year.…
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are surging on Wall Street, a day after a huge rout erased the market’s gains for the year. The Dow Jones Industrial Average jumped 500 points, or 2 percent.
The Dow’s big gain on Thursday erased most of its 606-point swoon from the day before, but the average is still 6.5 percent below the all-time high it reached three weeks ago.
Strong earnings reports from Microsoft, Visa, Comcast, Ford and other companies helped drive the market higher.
Trading has turned volatile on Wall Street this month following an unusually placid summer.
The S&P 500 rose 61 points, or 2.3 percent, to 2,717.
The Dow was up 471 points, or 1.9 percent, to 25,050. It was up 512 minutes earlier.
The Nasdaq added 245 points, or 3.5 percent, to 7,354.
Strong results from major companies including Microsoft, Visa and Comcast are sending stocks higher on Wall Street.
The gains Thursday were a respite after three weeks of extremely volatile trading marked by steep losses.
Microsoft jumped 5.4 percent, Visa rose 2.9 percent and Comcast climbed 3.3 percent.
Tesla soared 8.3 percent after reporting its biggest-ever profit, and appliance maker Whirlpool rose 5.8 percent.
European markets also rose.
The S&P 500 index rose 43 points, or 1.6 percent, to 2,699.
The Dow Jones Industrial Average climbed 344 points, or 1.4 percent, to 24,928. The Nasdaq composite added 185 points, or 2.6 percent, to 7,393. The Nasdaq has taken bigger losses than other U.S. indexes in recent weeks.
Bond prices fell. The yield on the 10-year Treasury note rose to 3.13 percent.
Stocks are opening modestly higher on Wall Street a day after a sharp sell-off erased the market’s gains for the year.
Big earnings gains for several U.S. companies helped encourage investors to start hitting the “buy” button again.
Microsoft jumped 4.3 percent and Ford climbed 5.7 percent after releasing encouraging results and forecasts.
Tesla soared 8 percent after reporting its biggest-ever profit, and appliance maker Whirlpool rose 4.5 percent.
European markets were mostly higher.
The S&P 500 index rose 16 points, or 0.6 percent, to 2,672.
The Dow Jones Industrial Average climbed 104 points, or 0.4 percent, to 24,689. The Nasdaq composite added 85 points, or 1.2 percent, to 7,194.
Bond prices rose. The yield on the 10-year Treasury note fell to 3.12 percent.