Shares rise as the market rebound extends to a third day.
Shares rise as the market rebound extends to a third day.
Shares rise on Thursday as the main indexes extend a rebound on the third day. Technology and consumer-focused companies are making some of the biggest gains after they fell in October, which was the worst month for US stocks in seven years.
Strong third-quarter results helped stocks rebound in the last two days. Chemical manufacturer DowDuPont jumped after reporting a strong quarter, as did Arm & Hammer maker Church & Dwight.
KEEP THE SCORE: The S & P 500 added 17 points, or 0.7 percent, to 2,729 at 12:05 p.m. Eastern Time. The Dow Jones Industrial Average reached 198 points, or 0.8 percent, at 25,314. The Nasdaq compound rose 76 points, or 1 percent, to 7,382. The Russell 2000 index jumped 21 points, or 1.4 percent, to 1,532.
Shares fell sharply from the beginning of October to the last days of the month, a slip that briefly eliminated their earnings for the year. After a rally in the last two days, the S & P 500 has risen 2.1 percent in 2018.
During the mass sale, high-growth companies such as technology and industrial firms and smaller and more focused stocks in the United States were particularly affected because investors worried about several factors that could slow their growth and profits. These include the commercial fight between the United States and China, the increase in interest rates that could make it more expensive to borrow money and higher fuel costs and other needs.
CHEMISTRY: DowDuPont chemical maker rose 8 percent to $ 58.26 after its third-quarter earnings beat analysts' estimates. The company said that sales grew in all regions, with strong gains in Asia Pacific and Latin America. DowDuPont also said it expects to save more money from a cost reduction program and plans to buy back another $ 3 billion in stock.
Fertilizer and chemical products maker CF Industries rose 4 percent after it said it expected better prices for nitrogen fertilizers in the coming years.
TO THE REBOUND: Industrial companies also recovered part of their losses in recent weeks. Boeing rose 1.7 percent to $ 361.11, while farm equipment maker Deere added 3.1 percent to $ 139.70. The chip makers also got up. Nvidia gained 3.3 percent to $ 217.84 and Broadcom jumped 4.3 percent to $ 233.11.
The S & P 500 fell 6.9 percent last month, and technology and industrial and retail companies fared even worse.
BREXIT PROGRESS: The pound rose considerably after reports that Britain and the European Union had reached an agreement to grant UK financial services companies access to the block after Brexit. The Times article quoted anonymous sources, and other reports suggested that an agreement had not yet been finalized. The British pound rose to $ 1.2964 from $ 1.2771.
Abroad: Germany's DAX rose 0.3 percent and the British FTSE 100 was down 0.1 percent. After a big rally on Wednesday, the CAC 40 in France fell 0.1 percent.
Hong Kong's Hang Seng gained 1.7 percent, while Tokyo's Nikkei 225 index fell 1.1 percent. The Kospi in South Korea finished 0.3 percent less.
ENERGY: Oil prices continued to weaken after the Department of Energy said that US crude reserves increased for the sixth consecutive week. US benchmark crude fell 2.9 percent to $ 63.39 per barrel in New York. Brent crude, used to quote international oils, was down 3 percent at $ 72.80 a barrel in London.
BONDS: Bond prices went up. The yield on 10-year Treasuries fell to 3.14 percent from 3.15 percent.
COINS: The dollar fell to 112.77 yen from 113.06 yen. The euro rose to $ 1,137 from $ 1,113.
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You can contact the AP Markets writer, Marley Jay, at http://twitter.com/MarleyJayAP
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