Stocks surged to close out October, with the Dow jumping nearly 900 points in the final two days of a rough and volatile month. Strong earnings from General Motors and Facebook lifted sentiment, leading many other tech stocks and the broad markets higher. We saw positive news on the economic front, with private payrolls rising by a better than expected 227,000 in October, according to a report from ADP and Moody’s Analytics. Investors will now look forward to Friday’s jobs report. At the end of the day, the major averages closed solidly in the green, though for the month the Dow lost 4.3%, the SP500 lost 6.2% and the Nasdaq lost 8.5%. Here’s a look at how we finished the day on Wall Street:
DOW +241 at 25115
SP500 +29 at 2711
NASDAQ +144 at 7305
10 Year Treasury closed up 5 basis points to yield 3.16%
Oil prices closed -1.07 at 65.11 a barrel
Gold prices closed -9.10 at 1216.30 an ounce
In the days’ stock news:
- Shares of General Motors spike over 9% after reporting quarterly results that easily topped expectations. The company said it sold fewer cars in the 3Q, but at a higher price, boosting its bottom line. GM closed +3.05 at 36.59.
- Facebook shares rose nearly 5% after reporting BTE earnings after yesterday’s close. CEO Mark Zuckerberg said the company plans to invest significantly in its business next year and plans to build products such as Facebook Watch and Instagram TV. FB closed +5.57 at 151.79.