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Stocks drift on Wall Street amid not-so-bad profit reports

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Stocks open modestly higher on Wall Street as investors found some things to like in the latest batch of company earnings reports. Tesla, AT&T and Coca-Cola rose after reporting results that came in better than analysts were expecting.

FILE - Pedestrians pass the New York Stock Exchange, Friday, Oct. 2, 2020, in New York. U.S. stocks are drifting on Thursday, Oct. 22, as more big companies report profits for the summer that were better than Wall Street feared.

The S&P 500 was 0.2% higher in early trading. The Dow Jones Industrial Average was edging up by 15 points, or 0.1%, to 28,226, as of 9:50 a.m. Eastern time, and the Nasdaq composite was 0.3% higher. A piece of such a deal could include extra benefits for workers who lost their jobs due to the coronavirus pandemic. A report on Thursday morning showed that 787,000 workers applied forWhile that’s still an incredibly high number relative to history, it’s down from 842,000 the prior week. It also was not nearly as bad as economists were expecting.

 

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So less bad than expected. What happens when the market has to reflect reality

Wall street wants socialism

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