Investing.com – Stocks were mostly higher Thursday a day after recession fears caused one of the year’s worst selloffs.
Better-than-expected earnings from Walmart (NYSE:) and a decent gain for Boeing (NYSE:) helped improve traders’ moods.
The rose 0.29%. The added 0.39%. But the suffered a small loss, mostly because of weakness in Cisco Systems (NASDAQ:), Netflix (NASDAQ:), Apple (NASDAQ:) and Microsoft (NASDAQ:).
The market’s performance was hardly an all-clear signal for the major averages.
The Dow gained about 100 points, but that was just 12% of the 800-point loss the index suffered on Wednesday, its worst one-day loss on the year and worst since Oct. 10, 2018. Plus, 95 points of the gain were due to Boeing (NYSE:) and Walmart (NYSE:) alone.
In addition, about half of the stocks in the were lowe,r with Cisco (NASDAQ:) the worst performer, with an 8.6% loss after guidance in Wednesday’s earnings report disappointed investors.
Meanwhile, traditional retailers were hit hard again with Macy’s (NYSE:) down 3.8%, Gap (NYSE:) down 7.1%, and Nordstrom (NYSE:) off 2.6%.
General Electric (NYSE:) shares suffered an 11.3% loss to $8.01 — and that wasn’t even a 52-week low.
The stock slumped after Harry Markopolos, the forensic accountant famed for uncovering the Bernard Madoff scam, accused the company of accounting fraud in its handling of legacy long-term care insurance policies. The company dismissed Markopolos’ claims as without merit and accused Markopolos of market manipulation. GE’s percentage loss was its biggest since 2008.
With Thursday’s close, the S&P 500 is off 5.9% from its late-July peak, but still up 13.6% for the year. The Dow is down 6.6% from the July high and ahead 9.7% in 2019, while the Nasdaq’s decline from its peak stood at 6.9%. It ended the day up 17% for all of 2019.
A bright spot after hours was a 5.3% gain for shares of Nvidia (NASDAQ:) after the graphics-chip maker reporter earnings and revenue that beat estimates.
Oil prices were lower, with falling 76 cents to $54.47 a barrel. oil futures were off $1.41 to $58.07. continued to climb, with the December contract settling at $1,531.10 an ounce.
The widened slightly, although interest rates continued to fall. The yield was 1.51%. The yield was 1.484%.
Winners and Losers Among S&P 500 stocks
Scientific instrument company Agilent Technologies (NYSE:), Walmart (NYSE:), NetApp (NASDAQ:) and distiller Brown Forman (NYSE:) were among the top S&P 500 performers.
Tapestry (NYSE:), best known for its Coach luxury leather-goods brand, General Electric (NYSE:), Cisco Systems (NASDAQ:) and Gap (NYSE:) were among the weakest S&P 500 performers.
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