Wall Street rebounds after upbeat earnings, bargain hunting
Updated : October 26, 2018 06:34 AM IST
Microsoft jumped 5.8 percent after it beat consensus estimates for revenue and profit. That, along with gains in chipmakers, helped technology stocks rise 2.89 percent.
The latest round of upbeat results came from a wide range of companies, including Ford Motor Co, Visa Inc, Whirlpool Corp and Twitter Inc, and offered relief after the earnings season began on a tepid note and then geared lower on sluggish outlooks from manufacturers and chipmakers.
In a further sign that economic growth is moderating, US business spending on equipment appeared to have remained slow in September and the goods trade deficit widened further as rising imports outpaced a rebound in exports.
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