Stock Market News For Oct 30, 2017
Zacks Investment Research | Oct 29, 2017 10:26PM ET
The S&P 500 and the Nasdaq notched up record closes following splendid quarterly earnings from some of the major tech stocks. Meanwhile, the Dow pared gains due to losses for Chevron and Merck. Broader markets were also boosted after the third quarter GDP estimate of the U.S. economy came in above the consensus estimate. Further, benchmarks posted strong weekly gains.
The Dow Jones Industrial Average (DJIA) closed at 23,434.19, gaining 0.1%. The S&P 500 Index (INX) increased 0.8% to close at 2,581.07. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 6,701.26, increasing 2.2%. Advancing issues outnumbered decliners on the NYSE by a 1.53-to-1 ratio. On the Nasdaq, advancers outnumbered decliners by a 1.50-to-1 ratio. The CBOE VIX decreased about 9% to close at 10.28.
Impressive Tech Earnings Propel Broader Markets Higher
Impressive third quarter 2017 earnings by tech heavyweights such as Microsoft Corp. (NASDAQ:MSFT) , Alphabet Inc. (NASDAQ:GOOGL) , Amazon.com Inc. (NASDAQ:AMZN) and Intel Corp. (NASDAQ:INTC) boosted gains for the broader markets on Friday. This helped both the S&P 500 and the Nasdaq notch up record closes.
Shares of Microsoft surged 6.4% after posting first quarter fiscal 2018 results late Thursday. The company posted earnings of 84 cents per share and revenues of $24.5 billion. MSFT is up about 2% to $80.36 per share in trading shortly after its earnings report was released. (Original post
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