US Stocks Edge Higher As Boeing, Caterpillar Gain
Faizan Hashmi Published October 24, 2019 | 02:00 AM
New York, (UrduPoint / Pakistan Point News - 24th Oct, 2019 ) :Wall Street stocks rose modestly on Wednesday following a mixed round of earnings that lifted Boeing and Caterpillar but pummeled semiconductor shares.
Boeing gained 1.1 percent despite missing analyst expectations by a wide margin as the 737 MAX crisis continued to weigh on results.
Investors took heart that the company confirmed it still expects to win regulatory approval this year to resume flights on the MAX.
Similarly, Caterpillar slashed its profit forecast, citing global economic weakness. Yet shares still gained 1.2 percent as the company said it would pare back production of new equipment, raising hopes it could avert a supply glut.
The Dow Jones Industrial Average finished up 0.2 percent at 26,833.95.
The broad-based S&P 500 climbed 0.
3 percent to 3,004.53, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 8,119.79.
After a mostly positive set of results in the initial earnings period, this week's releases have had both winners and losers, with companies sometimes experiencing big moves.
Semiconductor shares slumped after Texas Instruments as it reported an 11 percent drop in quarterly revenues to $3.8 billion, saying "most markets weakened further." The company slumped 7.5 percent.
In non-earnings news, Facebook jumped 2.1 percent as Chief Executive Mark Zuckerberg parried tough questioning in a Capitol Hill hearing over the company's data security practices and plans for digital Currency Libra.
Zuckerberg said the plan for Libra could be scaled back if it cannot win approval as a new currency for global exchanges.
Related Topics
Recent Stories
Bugti assures transporters for addressing their problems
Deputy Prime Minister and Foreign Minister, Mohammad Ishaq Dar meets foreign min ..
3 drug peddlers arrested, hashish recovered
1496,990 children given polio drops in five days: DC
Six terrorists killed, hideout busted in N Waziristan IBO: ISPR
Pakistan, Qatar agree to further expand trade, investment ties
Sindh cabinet approves Rs177.5m to strengthen, mobilize various wings of police
Faisal Karim Kundi takes oath as new KP Governor
Azad Jammu and Kashmir Prime Minister Anwaar ul Haq Chaudhry seeks more vibrant ..
Tahaffuz Manzil Foster Home providing care & support to homeless children
PCB proposes April 7 -May 20 window; tweaks in rules for HBL PSL 2025
Field hospitals now operational across Punjab: Azma Bukhari
More Stories From Miscellaneous
-
American band promotes intercultural harmony thru music fusions
9 hours ago -
Waste Management – A persistent challenge for MWMC
2 days ago -
Experts for ending child labour
3 days ago -
Labour Day - A reminder for better facilities to workers
3 days ago -
Stage Drama Mohabati Manhoon presents in Arts council Larkana
6 days ago -
Wheat farmers in a fix on price, procurement mechanism
7 days ago
-
Modern tools to help transform crime investigation procedures
7 days ago -
Sanam Marvi captivates audience with mesmerizing performance
7 days ago -
Modern Education Techniques: A pathway to achieve economic development
8 days ago -
Kite Flying: From cultural festival to deadly sport
8 days ago -
PDMA predicts gusty wind, rain with thunder, hails
11 days ago -
Iranian president Raisi given guard of honour at PM House
12 days ago