Strong tech results propel S&P 500, Nasdaq

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Thu, Oct 24, 2019, 5:34 PM

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U.S. stocks were mixed on Thursday amid a wave of corporate earnings rolling out on Wall Street.

The S&P 500 and Nasdaq both closed higher, getting a boost from Microsoft and Paypal, which both delivered strong quarterly results.

But the S&P's gains were capped...due to Twitter. Its shares plummeted 20 percent, after its revenue and profit came in lower than expected.

Meanwhile the Dow closed lower - dragged down by 3M, which cut its profit expectation for the year.

The company's results point to continued fallout from the US-China trade dispute, according to analysts, who say tariffs have made business conditions uncertain.

Kevin Mahn of Hennion & Walsh Asset Management on earnings season:

(SOUNDBITE)(ENGLISH) KEVIN MAHN, PRESIDENT AND CHIEF INVESTMENT OFFICER OF HENNION & WALSH ASSET MANAGEMENT, SAYING:

"It's a very diverse mixed of earnings thus far but I think its those large caps multi-nationals that are affected by the strength of the US dollar and concerns with China are suffering the most, especially in terms of their outlook."

Also making moves, automakers.

Ford took a hit after it also lowered its profit outlook for the year. By contrast, Tesla's shares surged 17 percent after the electric carmaker reported a surprise quarterly profit.

Meanwhile Amazon shares dropped in late trading, after it reported a decline in profit.

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