This article first appeared on GuruFocus.
October 23 – US stock markets rose on Thursday as investors tried to recover from Wednesday's general decline.
S&P 500 Index rose about 0.3%, while the Dow Jones Industrial Average gained about 28 points, or 0.1%. The Nasdaq Composite Index rose 0.6%, led by gains in technology stocks including Nvidia (NASDAQ: NVDA), Broadcom (NASDAQ:AVGO) and Amazon (AMZN).
Markets fell Wednesday after Treasury Secretary Scott Bessent said the White House was considering new restrictions on US software exports to China. Investors also weighed mixed earnings reports from major companies. Tesla (NASDAQ:TSLA) fell nearly 2% after reporting strong auto sales but slightly lower-than-expected profits, while IBM (New York Stock Exchange: IBM) fell 5% despite revenues beating forecasts.
More than 80% of S&P 500 companies reporting so far have beaten expectations, according to FactSet. Overall, earnings are likely strong enough to support shares in the short term, said Emily Bowersock Hill of Bowersock Capital Partners.
Energy markets also weighed on trading, with oil prices jumping more than 5% after the Trump administration imposed additional sanctions on Russian oil giants Rosneft and Lukoil. Trade optimism came after President Donald Trump confirmed a planned meeting with Chinese President Xi Jinping.
Meanwhile, U.S. existing home sales rose to a seven-month high in September and gold prices rose about 1.3%, reflecting a shift in investor sentiment.
