S&P 500, Nasdaq rise on robust tech result, Dow dwindles as 3M cut forecast


by   |  VIEW 340
S&P 500, Nasdaq rise on robust tech result, Dow dwindles as 3M cut forecast

On Thursday, the 24th of October 2019, both S&P 500 and Nasdaq rose following upbeat quarterly earnings’ reports from several tech behemoths including Microsoft Corp alongside chipmaker Intel Corp., however downbeat results from 3M Co.

had intervened an upward spiral of Dow Jones Industrial Average. Microsoft shares added 2.0 per cent as the tech tycoon’s outlook for cloud computing surpassed analysts’ expectations, while shares of payment processing mogul PayPal Holdings Inc.

surged 8.6 per cent on an unprecedented surge in traffic alongside a robust full-year earnings’ forecast, both of which had helped Nasdaq to lead the rally of Thursday’s (October 24th) Wall St. Meanwhile, shares of industrial conglomerate, 3M, faltered after the Maplewood, Minnesota-based manufacturing company had missed Q3 sales estimate and downsized full-year profit forecast, which in turn had stymied an upswing of trade-sensitive Dow despite growing optimism regarding Sino-US trade talk, as China had pledged to buy $20 billion worth of US farm good per annum as part of a ‘Phase One’ trade deal, as dubbed by the US President Donald Trump.

Meanwhile, adding that the Q3 earning season had revealed potential blackholes of economic vulnerability, a managing director at Amundi Pioneer Asset Management in Boston, John Carey said, “On the whole, the earnings reports have supported a view of the economy as slowing.

” Quoting statistics, on Thursday’s (October 24th) Wall St. wrap-up, Dow faltered 11 per cent to 26,805.53, benchmark S&P 500 index added 0.19 per cent to 3,010.29, just a notch shy of its all-time closing high of $3,025 reached on July 25th this year, while leading the charges of Wall St. rally as usual, tech-heavy Nasdaq surged 0.81 per cent to wind down Thursday’s (October 24th) market at 8,185.80.