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Stock Market News, Oct. 30, 2023: Dow Rises 500 Points, Indexes Close Higher; Oil Prices Fall
Big Tech climbs; McDonald's stock rises after quarterly profit beats expectations
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Stocks finished Monday higher, with the indexes trying to end a difficult month on a positive note. Read the day's full markets roundup here.
The S&P 500 and Nasdaq Composite both fell into corrections last week, meaning a drop of 10% from a recent peak. While S&P 500-listed companies are poised to deliver the first quarter of earnings growth in four quarters, that has done little to lift stocks, with investors fixated on a bond rout that has brought the 10-year Treasury yield close to 5%.
McDonald’s shares rose Monday after the fast-food chain's quarterly profit and sales trumped analysts' expectations. Meantime, merger mania swept the beleaguered real-estate sector.
As of Monday's close:
Stocks were broadly higher. The S&P 500, the Dow and the Nasdaq Composite all rose more than 1%. The blue-chip Dow, up 511 points, logged its first gain of at least 1% since August.
Megacap tech stocks gained. Alphabet rose after disappointing earnings sent it down almost 10% last week. Meta Platforms, Microsoft and Amazon.com also advanced. ON Semiconductor dropped sharply after offering a dismal fourth-quarter outlook.
Treasury yields rose. The yield on the benchmark 10-year U.S. Treasury note settled at 4.875% after finishing Friday at 4.846%.
Oil prices retreated. U.S. crude futures fell to near $82 a barrel, as investors expressed cautious relief that Israel's ground invasion into Gaza Strip hasn't yet spilled over into a broader regional conflict.
Overseas stocks were mixed. European indexes climbed, while Japan’s Nikkei 225 fell almost 1%.
Bitcoin approached $35,000. The world’s largest crypto-currency has recently staged a rally that has surprised analysts.
Coming up this week:
Apple’s earnings on Thursday will be a key focus this week. Caterpillar and Pfizer are among the other companies reporting in the coming days.
Investors await the Fed’s interest-rate decision on Wednesday, when policymakers are widely expected to keep rates unchanged, and Friday’s jobs report for October.
—By Chelsey Dulaney and Sam Goldfarb
Our new Sunday podcast, WSJ's Take On the Week, can help you prepare for what's ahead. Plus, get smarter about markets with our free weekday morning and evening newsletters.
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October 31, 2023 at 02:23AM
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Stock Market Today: Dow Rises 500 Points, Nasdaq Climbs 150 -- Live Updates - The Wall Street Journal
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