Stocks Ended Higher, Dow Rose Over 400 Points

U.S. stocks ended solidly higher on Thursday, taking back a steep selloff on Wednesday. The Dow Jones Industrial Average rose 401.13 points, or 1.63%, to 24,984.55. The S&P 500 was up 49.47 points, or 1.86%, to 2,705.57. The Nasdaq Composite gained 209.94 points, or 2.95%, to 7,318.34.

Oil futures ended higher Thursday as a rebound in equity markets signaled a momentary return to a risk-on sentiment. West Texas Intermediate crude for December delivery added 51 cents, or 0.8%, to settle at $67.33 a barrel. December Brent crude added 72 cents, or nearly 1%, to $76.89 a barrel.

Amazon’s (AMZN) third quarter revenue and guidance missed expectations. It reported earnings per share of $5.75 on revenue of $56.6 billion. Operating income increased to $3.7 billion in the third quarter, compared with $347 million from the same period last year.

Snap (SNAP) posted its second consecutive quarter of declines in daily active users. Daily active users came in at 186 million for the third quarter versus consensus estimates of 186.8 million, a 1% decrease from the second quarter.

Google’s parent company Alphabet reported its Q3 2018 financial results on Thursday. The tech giant reported earnings of $13.06 per share on $33.7 billion of revenue, versus analysts’ expectations of $10.42 per share on $34 billion of revenue.

Intel (INTC) reported a beat on both the top and bottom lines for their third quarter. The chip giant earned $1.40 per share, compared to the $1.15 per share that analysts were expecting, according to Bloomberg. Revenue came in better than expected at $19.2 billion, which was higher than Wall Street estimates of $18 billion.