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Markets get boost from Wednesday earnings; Amazon, Apple miss expectations

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Markets get boost from Wednesday earnings; Amazon, Apple miss expectations
The Dow Jones Industrial Average gained 239 points on Thursday following strong earnings reports from after the bell Wednesday, but Amazon and Apple both missed analysts' expectations. File Photo by John Angelillo/UPI | License Photo

Oct. 28 (UPI) -- U.S. markets rose on Thursday after another day of strong earnings reports from major companies.

The Dow Jones Industrial Average gained 239.79 points, or 0.68%, while the S&P 500 rose 0.98% and the Nasdaq Composite closed the day up 1.39%.

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Ford stock rose 8.63% after the automotive company posted earnings that far exceeded expectations and raised its guidance for full-year earnings for 2021.

Shares of pharmaceutical company Merck gained 6.13% and Caterpillar increased 4.07%, while Mastercard dropped 0.8% after all three companies posted strong earnings.

Amazon stock rose 1.59% during regular trading but tanked 5.18% as the company fell far short of analysts expectations posting earnings of $6.12 per share compared to $8.92 expected and revenue of $110.81 billion compared to forecasts of $111.6 billion.

Its earnings fell from $12.37 in 2020, the largest year-over-year decline since the second quarter of 2017, while revenue increased 15% from $96.15 billion last year.

Apple also fell short of analysts' expectations on Thursday posting $83.36 billion in third-quarter revenue, up 29% year over year, but short of predictions of $84.85 billion. Earnings per share, however, met analysts' forecast at $1.24.

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Sales of the iPhone rose 47% year over year but the $38.87 billion brought in was short of analysts' expectations of $41.51 billion.

Shares of Apple had risen 2.5% in regular trading but fell more than 3% after the bell following the news.

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