US: Nasdaq ends at record as tech giants start reporting results
THE Nasdaq pushed to a record high on Tuesday despite a pullback in the Dow, as markets greeted a series of earnings from technology heavyweights.
Shares of Google parent Alphabet rose in after-hours trading following its earnings report, which will be succeeded later this week by releases from Apple, Microsoft and others.
“Tech stocks are catching a bid,” said Art Hogan of B. Riley Wealth Management, adding that there has been “more good news than bad” today.
The tech-rich Nasdaq Composite Index finished up 0.8 per cent at 18,712,75.
The Dow Jones Industrial Average declined 0.4 per cent to 42,233.05, while the broad-based S&P 500 added 0.2 per cent at 5,832.92.
Hogan pointed to another decline in oil prices as supportive of stocks and noted that US Treasury bond yields were stable.
The Conference Board’s consumer confidence index jumped sharply to 108.7 in October, up from a revised 99.2 last month, another positive for stocks.
Among individual companies, Ford fell 8.4 per cent after reporting solid third-quarter earnings, but lowering some of its full-year projections, implying a weaker fourth quarter.
But Boeing shot up 1.5 per cent after it announced it will raise more than initially expected from a new stock offering as it seeks to offset crushing production woes and a major strike. The aerospace giant now expects to raise at least US$21 billion from the campaign. AFP
Share with us your feedback on BT's products and services
