The Dow closes at record high with positive earnings reports, tech stocks struggle

From Investing.com: 2024-10-16 16:21:10

The Dow closed at record highs following a day of chip stocks steadying and positive quarterly earnings reports from Wall Street. The S&P 500 and Nasdaq also saw gains at the end of trading on Wednesday.

Morgan Stanley’s stock rose over 6% after beating profit estimates in a strong third quarter for investment banking. Abbott Laboratories also saw a 1% increase in its stock after exceeding earnings expectations on the back of strong medical device sales.

United Airlines saw a 12% increase in stock price after exceeding third-quarter earnings expectations and announcing a new $1.5 billion share repurchase program.

Tech stocks struggled with chip stocks rebounding after ASML’s losses, while Novavax slumped over 19% as the FDA paused their trial of a COVID-flu vaccine combination.



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