Stocks finished higher Thursday. The Dow climbed 401 points to 24984. The S&P 500 had its best day since March as the index jumped 49 points to 2705. The Nasdaq Composite climbed 209 points to 7318.
The S&P 500 broke a six day losing streak as the Technology and Communications sectors rebounded from yesterday’s sell-off. Shares of Microsoft climbed 5.8% to $108.30 after topping analyst revenue estimates and providing a strong outlook for cloud growth. Twitter surged 15.5% to $31.80 after the social media company topped profit estimates. Consumer Discretionary stocks also outperformed as Tesla jumped 9.1% to $314.86 and Ford gained 9.9% to $8.99 after both automakers beat Wall Street projections. Amazon posted its best day of 2018 as the e-commerce giant gained 7.1% to $1782.17. Utilities lagged the broader market advance with the group falling 1.5%.
Not all earnings were positive as shares of Anheuser-Busch sank 9.4% to $ 74.54 after missing sales forecasts and cutting its dividend by 50%. Elsewhere, Advanced Micro Devices slipped 15.4% to $19.27 after the chipmaker fell short of revenue projections.
On the data front, pending home sales increased 0.5% month-over-month in September, snapping a four-month losing streak.
Breadth was positive on issues by roughly 4:1 on the NYSE and by 5:2 on the Nasdaq. Composite NYSE volume was more than 4.5 billion shares.
Treasuries were little changed as the yield on the 10-year note added one basis point to 3.12%. In commodities, WTI crude gained 0.4% to $67.06/barrel. COMEX gold rose 0.1% to $1,229.10/ounce despite a stronger dollar.