Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average finished higher Thursday after U.K. Prime Minister Boris Johnson announced a Brexit agreement with the European Union, and Vice President Mike Pence said the U.S. and Turkey had reached a ceasefire agreement in Syria, but IBM's (IBM) - Get Report revenue miss weighed.
- Netflix (NFLX) - Get Report surged after the streaming entertainment giant added more international subscribers to its streaming service than Wall Street had forecast for the third quarter. Netflix is Real Money's Stock of the Day.
- International Business Machines (IBM) - Get Report tumbled after the renowned computer maker posted disappointing third-quarter earnings in the first full update to include its $34 billion acquisition of Linux maker Red Hat.
Wall Street Overview
Stocks finished higher Thursday after U.K. Prime Minister Boris Johnson announced that Britain reached a Brexit agreement with the European Union, and Vice President Mike Pence said the U.S. and Turkey had reached a ceasefire agreement in Syria. Weakness in IBM (IBM) - Get Report after a revenue miss held back gains in the Dow.
For the day, the Dow Jones Industrial Average finished up 24 points, or 0.09%, to 27,026, the S&P 500 climbed 0.28%, and the Nasdaq advanced 0.40%.
IBM (IBM) - Get Report was the Dow's biggest decliner, while UnitedHealth (UNH) - Get Report , Walgreens Boots Alliance (WBA) - Get Report , and Caterpillar (CAT) - Get Report were among the Dow's biggest gainers.
"We've got a great new deal that takes back control," Johnson said in a tweet posted from his officially verified account. "Now parliament should get Brexit done on Saturday so we can move on to other priorities like the cost of living, the NHS, violent crime and our environment."
European Commission President Jean-Claude Juncker called it a "fair and balanced" agreement, just hours ahead of an EU leaders' summit in Brussels.
Investors, however, remained concerned about Trump's "phase one" trade agreement with China.
Separately, Vice President Mike Pence said that the United States and Turkey had agreed on a five-day cease-fire, following the country's offensive in northern Syria. The announcement came after Pence and Pompeo met with Turkish President Recep Tayyip Erdogan.
The hostilities began after President Donald Trump made the highly controversial decision to withdraw U.S. troops from Syria, clearing the way for a Turkish offensive against Kurds who had fought alongside the United States.
China's Ministry of Commerce spokesman Gao Feng said that the U.S. must remove tariffs before Washington and Beijing reach a final trade agreement.
White House economic adviser Larry Kudlow, speaking Thursday on CNBC, was optimistic about the trade agreement's future.
"People shouldn't be so pessimistic on the China talks and that some good things could happen," Kudlow said "For the skeptics out there, I appreciate that and I respect that but I'm telling you that there's a lot of momentum and there's agreement on both sides."
"A possible resolution on Brexit is also a welcome respite, but regardless of how center-stage geopolitics have been these days, truthfully no one can say for certain if that's moving the market," said Mike Loewengart, vice president of investment strategy at E*Trade.
Treasury Secretary Steven Mnuchin told reporters in Washington that the administration's "objective" was to have a text of the trade pact, which was reached after two days of intense talks, ready for Trump and Chinese President Xi Jinping to sign next month at the APEC summit in Chile.
Trump himself, however, said such a text might not be ready for his signature by then, raising questions as to whether planned tariffs on $156 billion in China-made goods, which are set to kick in on Dec. 15, will be implemented.
"Bottom line, looks like the bulls are leading the charge and brushing off the pockets of weakness -- but as earnings season draws to a close in the next few weeks, what happens next is anyone's guess."
Netflix (NFLX) - Get Report surged 2.5% to $293.35 after the streaming entertainment giant added more international subscribers to its streaming service than Wall Street had forecast for the third quarter. Netflix is Real Money's Stock of the Day.
International Business Machines (IBM) - Get Report tumbled 5.5% to $134.26 after the renowned computer maker posted disappointing third-quarter earnings in the first full update to include its $34 billion acquisition of Linux-maker Red Hat.
Morgan Stanley (MS) - Get Report climbed 1.5% to $43.44 after the financial services company posted stronger-than-expected third-quarter earnings as fixed-income revenue surged despite a slow summer of trading.
rose 2.4% $167.52 after
posted stronger-than-expected third-quarter earnings and boosted the lower end of its full-year profit guidance, even as it forecast revenue that fell shy of Wall Street forecasts.
rose slightly to $163.68 after
posted weaker-than-expected third-quarter earnings as freight volumes declined amid a slowing global economy and myriad U.S. trade disputes.
In economic news, housing starts declined 9.4% to a seasonally adjusted annual rate of 1.256 million units last month from a revised 1.39 million in August, the Commerce Department said.
Industrial production fell 0.4% in September, the biggest drop since April, the Federal Reserve said. Economists had expected a 0.2% decline.