The blue-chip Dow pushed about 170 points higher on Thursday, outperforming the S&P 500 and Nasdaq as investors digested better-than-expected US GDP data and a slew of upbeat results for its components. The first estimate of third-quarter GDP showed that the economy grew by 2.6%, above market expectations of 2.4%, and returning to growth after two consecutive quarters of decline. On the corporate side, Caterpillar surged more than 7% after the heavy-equipment maker topped Wall Street projections for revenue and profit. Comcast and Mcdonald's added 1.2% and 3.4%, respectively, following earnings reports that surpassed forecasts. On the other hand, the Nasdaq fell nearly 2.0% and S&P 500 0.6% on disappointing earnings from big tech. Facebook-parent Meta sank almost 25% after missing earnings estimates and offering weak guidance for the fourth quarter. The gloomy outlook comes on the heels of disappointing earnings from Alphabet and Microsoft earlier this week.
pull down to refresh