Stocks Kick off November on a High Note

U.S. stocks ended sharply higher on Thursday, extending a rally to a third straight day to kick off the month of November on a positive note. The Dow Jones Industrial Average advanced 264.98 points, or 1.06%, to 25,380.74. The S&P 500 added 28.63 points, or 1.06%, to 2,740.37. The Nasdaq Composite gained 128.16 points, or 1.75%, to 7,434.06.
Oil futures dropped Thursday, as reports showed sizable increases in last month’s global production. December West Texas Intermediate crude fell $1.62, or 2.5%, to settle at $63.69 a barrel. Brent crude for January delivery fell $2.15, or 2.9%, to finish at $72.89 a barrel.
Starbucks (SBUX) reported stronger-than-expected earnings on Thursday. For the fourth quarter, the coffee giant delivered non-GAAP earning per share of 62, outpacing estimates of 60 cents. Revenue for the fourth quarter came in at $6.3 billion, versus estimates of $6.27 billion.

CBS (CBS) reported third-quarter results that were in-line with Wall Street’s expectations. CBS’s third-quarter adjusted earnings came in at $1.24 per share on revenue of $3.26 billion, slightly exceeding consensus estimates of $1.22 per share on revenue of $3.24 billion.

Shake Shack (SHAK) reported impressive third-quarter earnings after the bell on Thursday, but sales were weaker than Wall Street estimates. The company earned 21 cents per share, which was higher than consensus of 13 cents per share. Revenue also came in better-than-expected at $119.6 million versus $116.8 estimates.