US stocks rally amid earnings and economic data

NEW YORK, Oct. 28 (Xinhua) – US stocks rose on Thursday as investors analyzed a plethora of earnings reports and economic data.

The Dow Jones Industrial Average rose 239.79 points, or 0.68%, to 35,730.48. The S&P 500 rose 44.74 points, or 0.98%, to 4,596.42. The Nasdaq Composite Index rose 212.28 points, or 1.39%, to 15,448.12.

The top 11 sectors of the S&P 500 ended in the green, with real estate and consumer discretionary increasing 1.47% and 1.37% respectively, leading the gains.

Chinese companies listed in the US traded mostly higher, with six of the top 10 stocks by weight of the S&P US Listed China 50 Index ending the day on a bullish note.

Apple released its fiscal fourth quarter results after the closing bell Thursday, missing analysts’ earnings expectations, and its executives have warned of lingering supply chain issues. The stock slipped more than 3% in after-hours trading.

Amazon shares fell more than 4% in extended trading after the company released its third-quarter results on Thursday, missing both top and bottom results.

Regarding economic data, the US Department of Commerce reported Thursday that US GDP grew only 2 percent in the third quarter, compared to growth of 6.7 percent in the second quarter.

The U.S. Department of Labor said initial U.S. jobless claims, a rough way to measure layoffs, stood at 281,000 for the week ending Oct. 23, down 10,000 from revised level of 291,000 the previous week. Economists polled by the Wall Street Journal had predicted that new claims would drop to 289,000 seasonally adjusted.

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