Stocks Rise on Good Earnings
- Friday, October 24, 2014, 9:55
- Stock Market
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U.S. stocks rose in the early trading on Friday as good earnings override Ebola concerns. The Dow Jones industrial average lately rose 37.07 points, or 0.22%, to 16,714.97. The S&P 500 gained 1.51 points, or 0.08%, to 1,952.33. The Nasdaq Composite added 6.81 points, or 0.15%, to 4,459.60.
Ford Motor Co’s third-quarter earnings fell 34 percent but beat Wall Street expectations on a strong showing in North America even as revenue fell due to the cost of introducing the F-150 pickup truck. Ford’s net profit of $835 million, or 21 cents per share, was down 34 percent from $1.27 billion, or 31 cents per share, a year earlier.
Procter & Gamble Co said it would split off its Duracell battery business into a separate company as it looks to focus on its faster-growing brands. Net income attributable to Procter & Gamble fell to $1.99 billion, or 69 cents per share, in the first quarter ended Sept. 30 from $3.03 billion, or $1.04 per share, a year earlier.
United Parcel Service Inc. said its revenue rose 5.7% in the latest quarter, boosted by a higher number of deliveries from overseas, and added that it expects shipments in December to jump 11% from a year ago. The company’s third-quarter results beat expectations. UPS posted a profit of $1.21 billion, or $1.32 a share, up from $1.1 billion, or $1.16 a share, a year ago. Revenue rose to $14.29 billion from $13.52 billion.
News that a New York City doctor who had been treating Ebola patients in West Africa had been taken to a New York City hospital with a high fever knocked about 80 points off of the Dow’s 300-point rally.
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