U.S. stocks closed higher on Thursday, in what was another choppy session, as investors took in conflicting stimulus updates, solid reports on jobs and housing, as well earnings from the likes of AT&T and Tesla.
|I:DJI||DOW JONES AVERAGES||35416.98||+83.51||+0.24%|
|I:COMP||NASDAQ COMPOSITE INDEX||14281.755582||+40.73||+0.29%|
The Dow Jones Industrial Average rose over 152 points or 0.54% while the S&P 500 and the Nasdaq Composite rose 0.52% and 0.19%, respectively.
JOBLESS CLAIMS FALL, HOUSING HEATS UP
U.S. weekly jobless claims dipped to 787,000 lower than the 860,000 expected. Continuing claims, which track the total number of unemployed persons collecting benefits, fell to 8.37 million, also better than expected.
In other economic news, existing-home sales for September jumped 9.4% with gains in all four of the main U.S. regions, according to the National Association of Realtors.
STIMULUS TALKS ONGOING
On the stimulus front, both sides continued to communicate that talks continue. However, White House Economic advisor Larry Kudlow told FOX Business, "significant policy differences" remain. While House Speaker Nancy Pelosi told reporters, "we're just about there."
This comes as COVID-19 cases tick higher. According to the latest data from Johns Hopkins University, new infections of COVID-19 grew at the fastest rate in nearly three months, with more than 60,000 new cases reported on Tuesday. The U.S. now leads the world with over 8 million cases and 222,239 deaths.
EARNINGS IN FOCUS
|KO||THE COCA-COLA CO.||58.59||+0.13||+0.22%|
Profits jumped 105% from the year-ago period to $0.76 per share, ahead of the $0.57 cent estimate, while total revenues climbed 39% to $8.77 billion, above the $8.36 billion that was expected.
AT&T shares also jumped, climbing 5%, after revenue came in at $42 billion, slightly higher than expected and Coca-Cola reported stronger than expected profit and revenue.
Earnings from American Airlines and Northrup Grumman were also better-than-expected.
|AAL||AMERICAN AIRLINES GROUP INC.||12.17||-0.01||-0.08%|
|NOC||NORTHROP GRUMMAN CORP.||469.73||+1.47||+0.31%|
|PTON||PELOTON INTERACTIVE INC.||5.59||+0.19||+3.52%|
|CMG||CHIPOTLE MEXICAN GRILL INC.||2,206.95||-2.81||-0.13%|
Peloton Interactive Inc. shares fell after Goldman Sachs downgraded shares to "neutral," noting the near-term opportunity was priced in.
Chipotle Mexican Grill shares were also slammed, losing nearly 5%, after the fast-casual restaurant chain said third-quarter comparable sales were lighter than analysts expected.
After the market closes, investors will focus on results from Intel Co., Boston Beer, Capital One Financial Inc., Mattel Inc. among others.
|SAM||BOSTON BEER CO. INC.||344.85||+9.47||+2.82%|
|COF||CAPITAL ONE FINANCIAL CORP.||108.57||+2.39||+2.25%|
West Texas Intermediate crude oil moved up slightly to $40.64 a barrel, while gold fell to $1,901.10 an ounce.
FOX Business' Suzanne O'Halloran contributed to this story.