This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Stocks Gain as China Manufacturing Shines, Ford Revs

Stocks in this article: ^DJI ^GSPC ^IXIC F AMZN MSFT MMM

NEW YORK ( TheStreet) -- Markets traded higher Thursday amid strong earnings from bellwethers 3M (MMM) and Ford (F) combined with improved manufacturing data from China, the world's second largest economy. 

The S&P 500 rose 0.33% to 1,752.07 while the Dow Jones Industrial Average was up 0.62% to 15,509.27. The Nasdaq added 0.56% to 3,928.96.

"We took our lead from the strength coming out of China's numbers last night," said Jon Sablowsky, head of trading at Brownstone Investment Group. "The numbers that have been coming out of the companies has been mediocre -- sort of typical sloppy top line, not seeing a lot of growth -- but ... it's providing some comfort."

Ford rose more than 1% after the auto company's earnings lifted to $2.6 billion or 45 cents a share, beating expectations for 38 cents a share. Higher demand for its F-Series pickups in the U.S. helped boost results.

3M gained slightly after the diversified technology company beat expectations with third quarter revenues up 6% to $7.92 billion. It earned $1.78 a share in the third quarter up from $1.65 per share in the prior corresponding period. 

"This is one of the most watched weeks for earnings and investors want to see companies meeting guidance - the Chinese data also underscored stronger global demand," Prudential Financial market strategist Quincy Krosby said in a phone interview. "We're also seeing global companies like 3M report strong numbers and bellwethers like the Dow transports move higher. Lower gasoline prices have strong correlation with market performance and give consumers more disposable income." Prudential Financial manages $1 trillion in assets.

Chinese manufacturing output strengthened more than expected in October, suggesting growth in the world's second-largest economy is gradually recovering. The 50.9 Purchasing Managers Index gauge released by HSBC was up from 50.2 in September.

Amazon  (AMZN), the world's largest online retailer, reported after the regular trading session a loss of 9 cents a share on sales of 17.09 billion. The profit loss was in-line with analysts polled by Bloomberg data, but sales beat the estimate of $16.76 billion. Shares were climbing 5.2% to $349.50 in the after-hours session.

Software giant  Microsoft  (MSFT) after the bell reported earnings of 62 cents a share on revenue of $18.53 billion. Analysts had forecast earnings of 54 cents a share in its fiscal first quarter on revenue of $17.79 billion. The software company was surging 5.8% to $35.66 in after hours trading.

AT&T   (T) lost 1.8% to $34.63 even as its third-quarter earnings topping Wall Street expectations. AT&T earned 66 cents a share on revenue of $32.16 billion, helped by the strength in smartphone sales. Analysts were expecting profit of 65 cents a share on sales of $32.19 billion.

Gold futures for the December contract rose 1.2% to settle at $1,350.30, while WTI crude oil for December delivery dropped 0.26% to close at $97.11. The benchmark 10-year Treasury was dipping 4/32, boosting the yield to 2.516%, while the U.S. dollar index was 0.14% lower at $79.17.

Meanwhile, applications for domestic unemployment benefits are falling at a slower than expected pace data. Jobless claims fell by 12,000 to 350,000 in the week ending October 19, according to a Labor Department report today. Consensus expectations were for a fall to 340,000. 

The U.S. trade deficit was also broadly unchanged in August as global economic growth continues to stutter. The gap widened 0.4 percent to $38.8 billion according to the Commerce Department, above expectations for a $39.4 billion deficit.

--By Jane Searle and Joe Deaux in New York

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs