Wall Street today: US stocks gain, Alphabet lifts Nasdaq to fresh record high

The Dow Jones rose 0.51 per cent, the S&P 500 gained 0.29 per cent, the Nasdaq Composite added 0.24 per cent

Rajendra Saxena
Updated30 Oct 2024, 11:09 PM IST
The yield on the 10-year Treasury fell to 4.23% from 4.26% late on Tuesday. REUTERS
The yield on the 10-year Treasury fell to 4.23% from 4.26% late on Tuesday. REUTERS

US stocks gained on Wednesday, with the tech-heavy Nasdaq surging to a record high, lifted by Alphabet after upbeat earnings.

The Dow Jones Industrial Average rose 213.91 points, or 0.51 per cent, to 42,446.96, the S&P 500 gained 16.74 points, or 0.29 per cent, to 5,849.66 and the Nasdaq Composite gained 44.68 points, or 0.24 per cent, to 18,756.66.

The US gross domestic product (GDP) expanded at an annual rate of 2.8 per cent in the July-September period, helped by consumption and government spending although slowing from the second quarter's 3.0 per cent pace, according to the US Commerce Department data.

 

Also Read | Wall Street week ahead: Spotlight on Q3 GDP, jobs data, earnings from 5 megacaps

In addition, US private payrolls growth surged by a higher-than-expected 233,000 jobs in October, a separate data showed.

Investors were also concerned about the neck-and-neck race between US presidential candidates Kamala Harris and Donald Trump. The US election is scheduled on November 5.

Shares of Google parent Alphabet climbed 6.7 per cent after the company reported strong revenues powered by robust performance from its advertising business and cloud services.

Also Read | US Elections 2024: ‘Imbalance’ in TV coverage of Trump, Harris, says report

Advanced Micro Devices stock dropped 8.9 per cent after disappointing forecasts for fourth quarter revenue and AI chip sales.

Other chip shares also slipped, with Nvidia down 2.1 per cent.

Stocks of Microsoft and Meta Platforms edged up 0.4 per cent each, with both companies scheduled to report earnings later in the day.

Caterpillar stock fell 3.9 per cent after the company cut its annual sales forecast on slowing demand.

Eli Lilly shares slumped 13.3 per cent after reporting weaker results for third quarter and missing sales estimates for its weight-loss and diabetes drug.

Reddit shares soared 36.5 per cent after the company reported a profit.

In the bond market, the yield on the 10-year Treasury fell to 4.23 per cent from 4.26 per cent late on Tuesday. The 2-year Treasury yield edged up to 4.12 per cent from 4.10 per cent.

Also Read | Stock market today: Nifty 50, Sensex snap 2-day rally as bank stocks languish

Crude oil

Oil prices rose after a two-day decline on Wednesday on prospects for more OPEC supply.

Brent climbed above $72 a barrel and West Texas Intermediate surpassed $68.

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First Published:30 Oct 2024, 11:09 PM IST
Business NewsMarketsStock MarketsWall Street today: US stocks gain, Alphabet lifts Nasdaq to fresh record high

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