Wall Street opens higher with strong earnings
INTERNATIONAL – US stocks opened higher on Thursday, leaving behind a brutal October, as a slew of positive earnings reports helped boost risk sentiment.
The Dow Jones Industrial Average rose 26.32 points, or 0.1 percent, at the open to 25,142.08.
The S&P 500 .SPX opened higher by 5.84 points, or 0.22 percent, at 2,717.58. The Nasdaq Composite gained 21.92 points, or 0.30 percent, to 7,327.82 at the opening bell.
On Wednesday, US stocks rebounded for a second day as investors snapped up beaten-down technology and internet favorites and strong company results lifted spirits after equities had been spooked this month.
Shares of Facebook gained 4.6 percent after the social media giant said margins would stop shrinking after 2019 as costs from scandals ease.
The S&P communication services sector, which also houses Alphabet and Netflix, rose 3 percent.
Amazon.com and Apple, other members of the FAANG group, climbed as well.
"Tech is leading the way," said Mike Dowdall, investment strategist at BMO Global Asset Management in Chicago. "Growth stocks, broadly, are closing the gap with value a little. They've been underperforming them by a decent amount."Reuters