US stocks rebounded, with the three major indexes closing near record highs on Thursday (October 23rd). The S&P 500 rose 0.6%, the Dow Jones Industrial Average rose 0.3%, and the Nasdaq Composite added 0.9%. This was driven by upbeat corporate performance and the White House's announcement that President Trump will meet Chinese President Xi Jinping next Thursday in South Korea, alleviating concerns over US-China relations.
Nvidia (1.1%), Amazon (1.2%), and Broadcom (1.2%) led the gains among technology stocks, while Oracle rose 2.5%. Honeywell and American Airlines jumped 6.8% and 7.2% respectively after strong quarterly results. Meanwhile, Tesla rose 1.7%, reversing losses earlier in the session. Energy stocks also gained as oil prices surged after the US announced new sanctions on Russia's largest crude oil producer.
More than 80% of S&P 500 companies reporting so far have surpassed estimates, reinforcing optimism about corporate resilience. Investors are now looking to Friday's inflation data for clues on the economy ahead of the Federal Reserve's policy meeting in late October. (alg)
Source: Trading Economics
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