US Market edges higher on mix earnings

The US stock market finished session slight higher on Thursday, 24 October 2019, as better than expected quarterly results from technology companies, including Microsoft, PayPal, and other technology sector companies offset dour results from 3M Co and Twitter Inc. At closing bell, the Dow Jones Industrial Average declined 28.42 points, or 0.11%, to 26,805.53, the S&P 500 added 5.77 points, or 0.2%, to 3,010.29, and the Nasdaq Composite gained 66 points, or 0.81%, to 8,185.80.

The benchmark index wavered between small gains and losses through much of the day as investors reviewed another round of third-quarter earnings reports and company outlooks heading into 2020. Traders have braced for weaker results this earnings season amid concerns about the costly trade war between the U.S. and China, and increased signs of slowing economic growth worldwide.

 

In economic news, US Durable Goods Orders Tumble 1.1% In September -- US durable goods orders tumbled by 1.1% in September after rising by a revised 0.3% in August, a report released by the Commerce Department on Thursday showed. The steeper than expected drop in durable goods orders came as orders for transportation equipment plunged by 2.7% in September after inching up by 0.2% in August. Orders for non-defense and aircraft led the way lower, plummeting by 11.8% in September following a 17.2% nosedive in the previous month.

US Weekly Jobless Claims Post Modest Dip US initial jobless claims dipped to 212,000 in the week ended October 19th, a decrease of 6,000 from the previous week's revised level of 218,000, the Labor Department reported on Thursday. The Labor Department said the less volatile four-week moving average also edged down to 215,000, a decrease of 750 from the previous week's revised average of 215,750. The report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also slipped by 1,000 to 1.682 million in the week ended October 12th.

US New Home Sales Fall In September US new home sales fell by 0.7% to an annual rate of 701,000 in September after spiking by 6.2% to a revised rate of 706,000 in August, according to a report released by the Commerce Department on Thursday. The modest pullback in new home sales came as home sales in the West and Northeast tumbled by 3.8% and 2.8%, respectively.

In commodity news, Benchmark crude oil rose 26 cents to settle at $56.23 a barrel. Brent crude oil, the international standard, gained 50 cents to close at $61.67 a barrel.

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