By Francisco Rodriguez-Castro on October 29, 2020
Stocks closed higher Thursday, recovering some of the losses of the previous day. Major tech companies were the key drivers, along with better-than-expected economic data.
The Dow Jones Industrial Average had its first gain in five days, and the S&P 500 stopped its three-day decline. Most of the increases occurred near closing time as President Trump hinted at plans for a considerable additional fiscal stimulus after the election.
More than half of the S&P 500 companies have reported third-quarter earnings and almost 80% have reported higher than expected earnings.
The number of first-time unemployment benefit filers declined for the second straight week and hit its lowest level since March. The number of US jobless claims was 751,000, versus the projected 778,000. Average daily Covid-19 cases in the United States continue to set all-time highs, contributing to the continuing market volatility.
Wall Street Recap for October 29
- The Dow Jones Industrial Average closed at 26,659.11, up 139.16 943.24 points, or 0.52%.
- The Standard & Poor’s 500 closed at 3,310.11, an increase of 39.08 points, or 1.19%.
- The Nasdaq Composite Index closed at 11185.59, up 180.73 points, or 1.64%.
- The Birling Puerto Rico Stock Index closed at 1,597.48, down 13.72 points, or 0.85%
- The US Treasury 10-year note closed at 0.85%.
- The US Treasury 2-year note stayed flat at 0.16%.