US: Market ends higher in bumpy trade

The US stock market finished session higher on Wednesday, 23 October 2019, as investors sifted focus through a batch of corporate quarterly results from the country's biggest companies, including Dow components Caterpillar and Boeing. At closing bell, the Dow Jones Industrial Average inclined 48.85 points, or 0.17%, to 26,833.95, the S&P 500 added 8.53 points, or 0.28%, to 3,004.52, and the Nasdaq Composite gained 15.50 points, or 0.2%, to 8,119.79.

Caterpillar missed both earnings and revenue estimates and cut its full-year 2019 earnings outlook. Boeing reported a 50% earnings slide and a revenue slide of 20%, but also upheld its forecast for its 737 Max airliner, grounded since March, to return to service later this year. Caterpillar shares rose 1.2%, while Boeing's stock added 1%.

 

Despite the weak results, the third-quarter earnings season has largely topped market expectations. Of the S&P 500 companies that have reported through Wednesday morning, 81% have posted better-than-expected results.

Investors were also watching developments pegged to Brexit, after a vote for a fast-track exit for Britain from the EU was rejected by parliament on Tuesday, but the delay eases concerns about the U.K. crashing out of the bloc without a deal on Oct. 31. The U.K. government has already asked for an extension to the end of January 2020, and European Council President Donald Tusk said on Twitter that he would recommend that request is granted.

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