Business Standard

Wall Street gains as upbeat corporate forecasts boost sentiment

IBM up as it sees higher full-year sales; Dow Inc jumps after beating Q3 estimates; Tesla expects to miss vehicle delivery target this year; AT&T raises annual profit forecast, Verizon gains

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US (Photo: Reuters)

Photo: Reuters

Wall Street's main indexes jumped on Thursday as upbeat results and forecasts from IBM, AT&T and Dow Inc brought back cheer to the markets that were briefly taken aback by the political turmoil in the United Kingdom.

IBM Corp shares gained 4.3% after the IT services company beat quarterly earnings estimates on Wednesday and said it expects to exceed full-year revenue growth targets.

Fellow blue-chip stock Verizon Communications Inc rose 1.6% after peer AT&T Inc jumped 8.2% upon raising its annual profit forecast.

Both the companies lifted up the S&P 500 communication services sector index by 1.8% to lead gains among the 11

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Oct 20 2022 | 8:23 PM IST

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