Dow, S&P 500 close at records

by / ⠀News / November 8, 2024
Dow, S&P 500 close at records

United Airlines shares surged 12.4% on Wednesday, leading the S&P 500 higher after the carrier reported better-than-expected third-quarter results. The company also announced plans to repurchase $1.5 billion worth of stock. Shares of rival carrier Delta Air Lines climbed 6.8% following United’s strong performance.

Morgan Stanley shares jumped 6.5% after the financial services giant posted results exceeding analysts’ forecasts. The company reported an uptick in revenue compared to the prior-year period. It reduced its financial cushion, setting itself apart from some of its more consumer-focused banking rivals that have had to increase their reserves against potential losses. Walgreens Boots Alliance shares were up 6.2%, building on gains from the previous session after the drugstore operator announced a turnaround plan that includes closing 1,200 underperforming stores.

Stocks rally on strong earnings reports

On the other hand, shares of life sciences firm Agilent Technologies dropped 3.8%, the most significant decline among S&P 500 constituents on Wednesday. Despite Barclays analysts raising their price target on Agilent stock to $145 from $135, they maintain an “underweight” rating, citing a challenging competitive environment and potential difficulties integrating recently acquired contract drug manufacturer Biovectra.

Semiconductor equipment manufacturers’ shares extended losses after ASML issued disappointing guidance on Tuesday. KLA shares slid 3.6%, while Applied Materials shares declined 3.4%. Investment research firm Hedgeye added the stock as a new short idea, anticipating wafer fabrication equipment growth could fall short of consensus expectations. The S&P 500 added 0.5% on Wednesday, driven by the upbeat earnings reports and a rebound among semiconductor stocks.

The index ended just below its all-time closing high posted on Monday. The Dow gained 0.8%, reaching a record close, while the Nasdaq advanced 0.3%.

About The Author

Kimberly Zhang

Editor in Chief of Under30CEO. I have a passion for helping educate the next generation of leaders. MBA from Graduate School of Business. Former tech startup founder. Regular speaker at entrepreneurship conferences and events.

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