Wall Street closed higher Tuesday to take a bit of the edge off another losing month, but the S&P 500 still finished October with its third straight monthly drop. It's the index's longest losing streak since the COVID-19 pandemic froze the global economy at the start of 2020, the AP reports.
- The S&P 500 rose 26.98 points, or 0.6%, to 4,193.80 Tuesday, a day after clawing back a big chunk of its loss for October.
- The Dow Jones Industrial Average rose 123.91 points, or 0.4%, to 33,052.87.
- The Nasdaq composite rose 61.75 points, or 0.5%, to 12,851.24.
Treasury yields held relatively steady after data showed US workers' wages and benefits grew more slowly than expected during the summer. That could influence the Federal Reserve's next decision on interest rates, which is due Wednesday.
Pinterest jumped 19% after reporting stronger profit for the latest quarter than analysts expected. It cited growth in users around the world, with Europe particularly strong. Arista Networks was one of the strongest forces pushing up on the S&P 500 and climbed 14% after also reporting stronger profit for the summer than Wall Street had forecast. Analysts were raising their estimates for future growth on expectations that company will benefit from the artificial-intelligence boom. Most big US companies have reported stronger profit for the summer than expected, and Caterpillar joined them Tuesday. But the heavy machinery maker's stock sank 6.7% after analysts focused on a slowdown in orders and growing inventories at dealers.
JetBlue Airways tumbled 10.5% after it reported a worse loss for the summer than expected. It said demand for travel is still strong during peak periods, but the industry has too many seats chasing after too few passengers during off-peak times. It also called the magnitude of air-traffic control and weather-related delays "staggering." VF Corp., the company behind Vans, Timberlands and other brands, dropped 14% after it reported weaker profit than expected. It also slashed its dividend 70% and withdrew its forecasts for revenue and profit this fiscal year.
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The 10-year Treasury yield slipped to 4.87% from 4.89% late Monday, and much of Wall Street is focused on what's coming Wednesday afternoon. That's when the Federal Reserve will make its latest announcement on interest rates. The Fed has already pulled its main overnight interest rate above 5.25%, its highest level since 2001. It's been saying it will make upcoming moves based on what data say about inflation and the job market, where the worry is that too-strong growth could give inflation more fuel.
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