Stocks – Wall Street Rallies on Strong Earnings Results

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Stocks - Wall Street Rallies on Strong Earnings Results

Binary news – The Dow rebounded on Friday as Procter & Gamble posted stronger-than-expected earnings results, ending a week of volatile trading on Wall Street.

The S&P 500 rose 13 points, or 0.47%, to 2,781.88 as of 9:38 AM ET (13:38 GMT), while the Dow increased 102 points, or 0.41%, to 25,482.37 and the tech-heavy Nasdaq Composite was up 53 points, or 0.72%, to 7,538.93.

P&G (NYSE:PG) was up 6.24% after the consumer goods giant reported diluted earnings per share of $1.22.

PayPal (NASDAQ:PYPL) was among other gainers, surging 9.08% after its earnings beat estimates, while Tesla (NASDAQ:TSLA) increased 1.69% after CEO Elon Musk introduced a lower-cost Model 3 car. Other technology stocks were also higher, with Amazon (NASDAQ:AMZN) increasing 1.04% and Apple (NASDAQ:AAPL) gaining 1.52%.

Meanwhile, Honeywell (NYSE:HON) slumped 1.30% despite beating estimates and reporting an increase in e-commerce drove sales of warehouse machinery.

EBay (NASDAQ:EBAY) was down 8.53% after news it is suing Amazon.com for allegedly poaching its top seller, while General Electric (NYSE:GE) inched down 0.08%.

In commodities, gold futures decreased 0.03% to $1,229.70 a troy ounce, while crude oil futures rose 1.03% to $69.36 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, decreased 0.06% to 95.66.

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