Few of the reputed tech companies have been responsible for pushing the market upwards as a result of the robust earnings in the quarter. The markets have seen a serious regain after the Fall back that they had experienced a day before.
Wall Street has rallied on the fourth day of the week along with Dow Jones Industrial Average, clawing the way from an ugly plunge of 600 points on Wednesday to close almost four-hundred points at the end of the day.
Among the flurry of the tech earnings, Microsoft, along with various other companies, bounced back from the routine of the previous day, which was responsible for pushing the technologically heavy Nasdaq within the correction territory. This happened for the very first time since the year 2016. The nosedive on Wednesday was responsible for marking the largest decline in the single day percentage, since the year 2011.
Investors buoyed the market on Thursday by snapping up the bargain stocks, but the sentiment of caution was known to prevail. The effect of Donald Trump’s increasing trade war, with China, was weighed by the market strategists, along with the unrest and the geopolitical tensions within the emerging markets. Strong and vigorous earnings from the tech heavyweights, which include both Tesla and Twitter, were responsible for helping Wall Street to regain the footing.
The shares of Tesla soared by ten percent, after the quarterly profit had been reported, for the very third time in the history of this electric car maker. The stocks of Twitter surged after there was a boost of twenty-nine percent to the advertising revenue. Google Parent Amazon and Alphabet were to known to report immediately after this bell, beating the expectations on the earnings, but disappointing the investors, thereby causing all the shares to collapse by six percent and five percent respectively.