Stocks rise on strong earnings reports
Major U.S. stock indexes finished higher Thursday after a late burst of buying led by technology and financial companies reversed an early slide.
News of a spike in the number of confirmed cases and fatalities from a virus outbreak in China put investors in a selling mood for most of the day, overshadowing a batch of mostly solid company earnings reports.
Companies that rely on consumer spending notched solid gains. Health care and communication stocks fell the most.
The S&P 500 index rose 10.26 points, or 0.3%, to 3,283.66. The Dow Jones Industrial Average climbed 124.99 points, or 0.4%, to 28,859.44. The Nasdaq added 23.77 points, or 0.3%, to 9,298.93. The Russell 2000 index of smaller company stocks slipped 1 point, or 0.1%, to 1,648.22.
Mortgage rates continue to fall; 30-year loan at 3.51%
U.S. long-term mortgage rates continued to fall this week; Mortgage buyer Freddie Mac said Thursday the average rate for a 30-year fixed-rate mortgage dropped to 3.51% from 3.60% last week. The benchmark rate stood at 4.46% a year ago.
The average rate on a 15-year mortgage declined to 3% from 3.04% last week.
Federal Reserve policymakers continued to hold interest rates low at their latest meeting this week. But the Fed chair warned that the viral outbreak in China poses a new threat to the strengthening global economy.
The average fee on 30-year fixed-rate mortgages fell to 0.7 point from 0.8 point last week. The average fee for the 15-year mortgage also declined to 0.7 point from 0.8 point.
The average rate for a five-year adjustable-rate mortgage decreased to 3.24% from 3.28% last week. The fee was unchanged at 0.3 point.
Amazon says it has more than 150 million Prime members
The online retailer Amazon said Thursday it now has more than 150 million Prime members, who pay $119 a year for faster shipping and other perks. And its financial results during the busy holiday shopping season were far better than Wall Street analysts expected.
Shares of Amazon.com Inc. soared 12% in after-hours trading Thursday.
The Seattle-based company reported net income of $3.27 billion, or $6.47 per share, in the three months ending in December. That was up from $3.03 billion, or $6.04 per share the year before.
From wire reports