Wall Street rises as upbeat earnings, forecasts lift sentiment

© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange in New York City, U.S., October 20, 2023. REUTERS/Brendan McDermid/File PhotoCoca-Cola advanced 2.7% on raising its annual sales outlook, while industrial goods maker 3M gained 5.2% after lifting its full-year adjusted profit forecast.

"The 'yet' part is what's got everybody scratching their heads, you've got relatively strong economic numbers coming in for the third quarter and numerous companies in various sectors exceeding analysts expectations."An S&P Global survey showed U.S. business output ticked higher in October as the manufacturing sector grew after contracting for five straight months while services activity accelerated modestly amid signs of easing inflationary pressures.

U.S. technology giants are expected to post their strongest quarterly revenue growth in at least a year as their legacy businesses have stabilized, with Microsoft fell 4.9% after the hospital operator missed Wall Street estimates for quarterly profit as its physician-staffing joint venture missed internal growth targets.

Advancing issues outnumbered decliners by a 2.57-to-1 ratio on the NYSE and by a 1.96-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week high and 24 new lows, while the Nasdaq recorded 10 new highs and 210 new lows.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.

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