© Reuters. Traders work at the New York Stock Exchange (NYSE) floor in New York
By Sruthi Shankar
(Reuters) – The Nasdaq and the Nasdaq rallied on Thursday as strong earnings from Facebook Inc (1965) NASDAQ 🙂 After the Federal Reserve's cautious remarks, optimism was added as investors waited for the outcome of the US-China trade talks.
Facebook gained 1
General Electric (NYSE 🙂 grew 14.7 percent in revenue and cash flow, according to quarterly industry conglomerate estimates, and 2019 industrial revenue is expected to increase in the low to mid single-digit percentage range.
Equities Announced Fed Pledge on Thursday That It Would Be Patient to Raise Interest Rates Ar eases investor concerns over tightening financial conditions and economic growth.
"Major companies made positive returns, but most of them followed yesterday's rally," said Scot Lance, managing director of Titus Wealth Management in Larkspur, California.
With fourth-quarter earnings far in excess of market expectations and the Fed more flexible, the S & P 500 is well on its way to its best monthly performance since October 2015.
Of the 210 S & P 500 companies that ranked fourth According to Refinitive data, 71 percent outperformed earnings estimates.
Investors expect the conclusion of high-level talks between the United States and China aimed at alleviating a six-month trade war that hit financial markets.
US. President Donald Trump was optimistic about the talks, but said that no final agreement would be reached until he met Chinese President Xi Jinping in the near future.
"There is much wishful thinking about the prolonged trade negotiations – an advantageous plan for both sides, because despite positive profits and a strong global economy, the trade question still remains an overhang," said Lance.
At 12:57 ET, it dropped 58.98 points or 0.24 percent to 24,955.88, the S & P 500 rose 18.56 points or 0.69 percent to 2,699.61, and it rose 95.79 points or 1.33 percent to 7,278.87.
S & P communications services gained 3.68 percent, leading the way in the eleven major S & P sectors.
Charter Communications Inc. (NASDAQ 🙂 rose 14.6 percent after quarterly revenue estimates as the cable operator attracted more customers for its Internet services.
The Dow was taken down by losses at DowDuPont Inc., which fell 8.5 percent after the chemical maker's sales fell short of expectations. The S & P materials sector fell 1.4 percent.
Microsoft Corp. (NASDAQ 🙂 declined 1.4 percent as sales with Azure Cloud Computing grew more slowly than a year earlier, though its quarterly results and forecasts peaked at street estimates.
Intel Corp (NASDAQ 🙂 lost 2.2 percent after chipmaker Interim Chief Executive Officer appointed Robert Swan to the role.
With rising issues, the NYSE had a rate of 2.47 to 1 and the Nasdaq a ratio of 1.73 to 1.
The S & P index recorded 23 new highs of 52 weeks and none New lows Nasdaq recorded 38 new highs and 18 new lows.