Wall Street closes up thanks to economy and technology

The growth rate of the world's largest economy surprised investors. GDP growth and the results of Facebook, Alphabet, Amazon and Apple pulled the New York Stock Exchange which closed higher despite the new wave of the pandemic.

The North American economy had a surprising expansion in the 3rd quarter with the GDP of the States growing 33,1% between July and September.

Wall Street was about to close its worst week since March until it was saved by GDP. US stocks rose on Thursday after it was known that the growth rate of the world's largest economy was 33,1% in the third quarter, and just before the presentation of the results of technology companies.

As a result, the Dow Jones rose 0,52% to 26.659,11 points, while the S&P 500 closed up 1,19% to 3.310,11 points and the Nasdaq, 1,64% to 11.185,6 points.

Before disclosing its results, shares of Amazon and Apple ended the session up 1,5% and 3,7%, respectively. Alphabet rose 3,1% and Facebook almost 5%.

Google, Facebook and Amazon beat Wall Street estimates in the third quarter. Apple, however, was hurt by weak iPhone sales, which fell 3%. In fact, iPhone sales declined in the third quarter of Apple's 20/2019 fiscal year, but the computer giant's shares rose 20% on the stock exchange. Apple today announced the financial results for the fiscal 3,71 quarter ended September 2020, 26, and recorded record quarterly revenue of $ 2020 billion. Apple ended the year with 64,7% profit growth to $ 3,9 billion

Alphabet also presented its figures and recorded a 14% growth in sales and revenues. Google's parent company exceeded expectations with revenue of $ 46,17 billion in the third quarter (from July to September). Google's parent company, Alphabet, grew again in sales in the third quarter, after initially affected by the Covid-19 pandemic, and is explained by the fact that companies have resumed advertising on Google.

Alphabet posted a profit of $ 11,25 billion in the third quarter, up 3% from the $ 59 billion result achieved in the same period last year.

Facebook reported a loss of users in the United States (despite rising globally), but it improved its profits and revenues. The social network raised $ 21.470 million in the third quarter of the year.

According to the results published on Thursday after the closing of Wall Street, active Facebook users worldwide have increased to 2.740 million a month.

Between July and September, Mark Zuckerberg's company posted a $ 2,71 earnings per share. Facebook posted a profit of $ 7,84 billion in the third quarter, up 3% from a year earlier.

Amazon tripled its profit in the third quarter to $ 6,3 billion compared to the same period last year, but anticipates $ 4 billion in costs associated with coronavirus.

Amazon surpassed consensus forecasts by reporting a earnings per share (EPS) of $ 12,37 in the third quarter, well above the forecasted $ 7,41. The $ 96,150 billion revenue was above the predicted 92,70 billion.

In turn, weekly unemployment benefit applications were also good news, after reaching 751.000 new applications compared to the expected 778.000.

What did not have a positive evolution was the crude West Texas which fell 0,25% to $ 36,08 a barrel.

The euro fell 0,02% to $ 1,1672.

 

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