Stocks mixed as traders digest earnings, economic data
Stocks were mixed Friday as investors digested the latest earnings reports, including the latest quarterly results from Procter & Gamble and Honeywell, while digesting the latest economic data.
The Dow Jones Industrial Average rose 64.89 points, or 0.26 percent, to 25,444.34. The S&P 500 ticked a point lower to 2,767.78. The Nasdaq Composite dropped 36.11 points, or 0.48 percent, to 7,449.03.
Procter & Gamble’s shares moved 8.8 percent higher after the company reported a first-quarter profit that topped estimates while sales unexpectedly rose.
On the economic calendar, a reading on existing home sales was released. In September, sales declined 4.1 percent.
U.S. stocks fell Thursday after U.S. Treasury Secretary Steven Mnuchin tweeted that he will not attend a Saudi investor summit. Mnuchin joined a growing list of global business and world leaders that have canceled their attendance at the Future Investment Initiative summit in Saudi Arabia next week, in response to Saudi Arabia’s potential involvement in the disappearance of journalist Jamal Khashoggi. FOX Business Network, a sponsor of the conference, also said it will not attend.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44296.51 | +426.16 | +0.97% |
| SP500 | S&P 500 | 5969.34 | +20.63 | +0.35% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19003.651134 | +31.23 | +0.16% |
Economic data released Thursday included weekly jobless claims. Initial claims dropped by 5,000 to a seasonally adjusted 210,000 in the week ended Oct. 13, according to the Labor Department. This matched economists’ expectations.
In Asian markets, China's third-quarter economic growth slowed to its weakest pace since the global financial crisis.
It missed expectations at 6.5 percent as a years-long campaign to tackle debt risks and the trade war with the United States began to take hold.
Beijing moved to mitigate rising risks to the economy. Regulators pledged steps aimed at calming markets and supporting struggling firms.
Fox Business' Ken Martin contributed to this report