Wall Street Mixed After Corporate Earnings Reports; Facebook Falls

Tuesday, 22 October 2019 23:41 WIB

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The S&P 500 and Dow Jones indexes rose on Tuesday, lifted by upbeat corporate earnings reports that eased concerns over the fallout from the U.S.-China trade war, but a decline in shares of Facebook hurt the Nasdaq.

The benchmark S&P 500 index, which continued to hold above 3,000 points, was within striking distance of a record high hit in July, with Biogen Inc's 26.5% surge also boosting the index. The drugmaker announced a surprise plan to file for U.S. regulatory approval for its Alzheimer's treatment.

Data showed U.S. home sales fell more than expected in September as the market continues to struggle with a dearth of properties for sale, especially for cheaper homes.

Procter & Gamble Co gained 3.8%, after raising full-year forecasts and beating Wall Street estimates.

Harley-Davidson Inc jumped 5.6% after beating quarterly profit expectations, while United Technologies Corp gained 1% on a forecast raise.

Shares of McDonald's Corp slipped 3.4% and Travelers Cos Inc fell 7.1% on poor results.

The threat of tariffs on toys imported from China hit toymaker Hasbro Inc's quarterly profit as shipping and warehousing costs soared. Its shares fell 14.5% and were the biggest decliners among S&P 500 companies.

At 11:31 a.m. ET, the Dow Jones Industrial Average was up 38.36 points, or 0.14%, at 26,866.00, while the S&P 500 was up 2.77 points, or 0.09%, at 3,009.49.

The Nasdaq Composite was down 17.65 points, or 0.22%, at 8,145.33. Pressuring the index was a 2% decline in shares of Facebook Inc.

Source : Reuters


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