U.S. stocks rebounded on Thursday, bouncing back from Thursday’s selling spurred on by the Federal Reserve cutting interest rates for the first time in a decade and comments by the Fed Chair.
Continue Reading Below
Chairman Jerome Powell suggested Wednesday that the cut wasn’t the beginning of a long easing cycle. He also reiterated that the central bank would continue monitoring incoming economic data. That helped send the Dow to a loss of 333 points or 1.2 percent.
Ticker | Security | Last | Change | %Chg |
---|---|---|---|---|
I:DJI | DOW JONES AVERAGES | 27122.41 | +258.14 | +0.96% |
SP500 | S&P 500 | 3012.54 | +32.16 | +1.08% |
I:COMP | NASDAQ COMPOSITE INDEX | 8306.992591 | +131.57 | +1.61% |
On the economic calendar, weekly jobless claims came in at 215,000, slightly higher than expected. On Wednesday, ADP reported the private sector added 156,000 jobs in July. This comes ahead of Friday’s monthly employment report. Economists estimate that 164,000 workers were added to payrolls.
Technology and consumer stocks are driving the Dow.
Apple, Microsoft, IBM, Visa – plus retailer Home Depot account for half the Dow’s current 200-point rally.
Advertisement
Ticker | Security | Last | Change | %Chg |
---|---|---|---|---|
AAPL | APPLE INC. | 217.96 | +4.92 | +2.31% |
MSFT | MICROSOFT CORP. | 140.80 | +4.53 | +3.32% |
IBM | INTERNATIONAL BUSINESS MACHINES CORP. | 152.19 | +3.95 | +2.66% |
V | VISA INC. | 182.11 | +4.11 | +2.31% |
HD | THE HOME DEPOT INC. | 217.06 | +3.37 | +1.58% |
General Motors shares moved higher on better-than-expected net profit boosted by pickup trucks, SUVs and crossover sales.
Yum Brands beat expectations for quarterly profit helped by better-than-expected growth at all of the restaurant operator’s chains, including Pizza Hut. s Shares traded to a record high. Excluding items, the company earned 93 cents per share, beating expectations. Total revenue of $1.31 billion also beat estimates.
Verizon Communications rose after the wireless carrier beat quarterly profit estimates.
Ticker | Security | Last | Change | %Chg |
---|---|---|---|---|
GM | GENERAL MOTORS COMPANY | 41.60 | +1.26 | +3.14% |
YUM | YUM! BRANDS | 118.11 | +5.59 | +4.97% |
VZ | VERIZON COMMUNICATIONS INC. | 56.00 | +0.73 | +1.32% |
After the close, the markets will focus on specialty chemical maker DuPont and multi-line insurer Hartford Financial Services.
CLICK HERE TO GET THE FOX BUSINESS APP
Oil also fell 2 percent on the Fed’s outlook.