Stocks Closed Higher on Strong Growth and Earnings

U.S. stocks rose on Thursday as investors were encouraged by better than expected economic growth and strong corporate earnings. The Dow Jones Industrial Average closed 221.11 points, or 1.30%, higher at 17,195.42. The S&P 500 added 12.35 points, or 0.62%, to 1,994.65. The Nasdaq Composite ended 16.91 points, or 0.37%, higher at 4,566.14.

LinkedIn Corporation (NYSE: LNKD) reported its quarterly results for the third quarter of 2014. Revenue for the third quarter was $568 million, an increase of 45% compared to $393 million in the third quarter of 2013.

GoPro Inc’s (GPRO) quarterly revenue jumped 46 percent due to strong demand for its wearable cameras. The company reported net income attributable to GoPro shareholders of $14.6 million, or 10 cents per share, in the third quarter ended Sept. 30, compared with a loss of $1.1 million, or 1 cent per share, a year earlier. Revenue rose to $280 million from $192 million a year ago.

Starbucks Corp (SBUX.O) on Thursday reported sales at established cafes in its U.S.-dominated Americas region that missed Wall Street expectations in the latest quarter. Sales at Americas-region Starbucks cafes open at least 13 months rose 5 percent for the fiscal fourth-quarter ended Sept. 28, less than the 6.2 percent gain analysts expected.

Citigroup Inc (C.N) revised its third-quarter results lower due to a $600 million increase in legal accruals. The bank adjusted its third-quarter net income to $2.84 billion from $3.44 billion.