U.S. News

Dow climbs 139 points as tech stocks lead rebound

By Daniel Uria   |   Updated Oct. 29, 2020 at 5:36 PM
The Dow Jones Industrial Average climbed 139 points on Thursday as tech stocks helped markets rebound from their worst day in months. Photo by John Angelillo/UPI

Oct. 29 (UPI) -- Tech stocks helped to lead a market rebound on Thursday, as the three major U.S. indexes were also buoyed by better-than-expected economic data.

The Dow Jones Industrial Average gained 139.49 points, or 0.53%, while the S&P 500 increased 1.2% and the tech-heavy Nasdaq Composite climbed 1.64% as major tech stocks rose ahead of their quarterly earnings reports.

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Twitter stock shot up 8.04%, Facebook increased 4.92%, Apple gained 3.71%, Alphabet climbed 3.05% and Amazon ended the day up 1.52% as all four companies were set to release earnings reports when trading ended.

Alphabet stock climbed 8.81% in after-hours trading as the Google parent company reported a third-quarter net income of $11.25 billion or, $16.40 a share, up from $7.06 billion the year before.

Twitter stock, however, plummetted 16% after-hours as the company exceeded revenue expectations at $936 million but fell short of predictions for user numbers as it reported 187 million.

Apple stock also fell 4.31% after the bell, while Amazon dropped 1.25% and Facebook slid 0.4%

Netflix stock also rose 3.7% after the company said it would raise its prices in the United States.

Markets also reacted to a Commerce Department report that the Gross Domestic Product climbed 33% between July and October.

Additionally, the Labor Department reported 751,000 new unemployment claims, better than the Dow Jones estimate of 778,000.

Overall, the Dow has fallen below its 50-day moving average after falling 2.3% in September.

Thursday's gains came after the Dow fell 943 points amid rising COVID-19 cases on Wednesday. Both the Dow and S&P 500 had their worst day since June, while the Nasdaq had its largest one-day drop since Sept. 8.