Stocks gained today on upbeat economic news, including a stronger-than-expected GDP reading and data showing jobless claims remaining at a record low. The Dow advanced 221 points, with 25 of its 30 components advancing; the S&P 500 Index rose 12 points; and the Nasdaq added 16. Advancers led decliners by nine to five on the NYSE and the Nasdaq. The prices of Treasuries strengthened. Gold futures fell $26.30 to close at $1,198.60 an ounce. The price of crude oil lost $1.08 to settle at $81.12 a barrel.
In earnings news:
- Kraft Foods Group Inc. reported third-quarter earnings that met analysts’ estimates despite falling to $446 million, or 74 cents a share, from $500 million, or 83 cents a share, a year ago. Revenue was flat at 0.1% growth to $4.4 billion, due in part to higher commodity prices. The company’s shares (KRFT) fell 1.32%.
- Samsung Electronics Co. Ltd.’s third-quarter net income sank 60% to 4.1 trillion won ($3.9 billion) from the prior year, on revenue of 47.5 trillion won ($44.6 billion), down 20%. Weak smartphone sales were to blame, as the firm saw its mobile unit’s operating income drop from 6.7 trillion to 1.75 trillion won. Samsung’s shares gained 4.51%.
- Time Warner Cable, Inc.’s shares (TWC) declined 0.61% after posting a 6% drop in third-quarter net income to $499 million from a year ago. Despite a 3.6% revenue increase to $5.7 billion, the cable provider lost 184,000 video customers and its expenses rose nearly 10%. Time Warner cuts its full-year revenue guidance from $22.9 billion to $22.8 billion.
In other business news: