New York Stock Exchange Closed the Day with Gains: Here are the Details

Positive Trend at the New York Stock Exchange Closing

During the trading day at the New York stock exchange, the Dow Jones index rose by 0.31 percent to reach 46,734.61 points. The S&P 500 index climbed 0.58 percent to 6,738.41 points, while the Nasdaq index increased by 0.89 percent to 22,941.80 points. This positive outlook was particularly supported by the confirmation of U.S. President Donald Trump meeting with Chinese President Xi Jinping in South Korea during his Asia tour.

Political Developments and Trade Negotiations

White House Press Secretary Karoline Leavitt announced that Trump will attend the Asia-Pacific Economic Cooperation (APEC) Summit and will hold a bilateral meeting with Xi on October 30. Additionally, new negotiations aimed at resolving ongoing trade tensions between the U.S. and China are scheduled to take place in Malaysia from October 24-27, providing relief to investors.

Effects of the Earnings Season

During the trading day, as the earnings season is closely monitored, Tesla reported that its net profit decreased by 37 percent compared to the same period last year. However, despite its revenue surpassing expectations, its shares saw a decline in the morning hours. It managed to finish the day up by 2.3 percent.

On the other hand, IBM's stock values fell by 0.9 percent due to a decrease in growth recorded in its cloud software unit, despite meeting market expectations for revenue and profit, negatively impacting investors.

Activity in the Energy Sector

Additionally, shares of Chevron gained 0.6 percent, while Exxon Mobil saw an increase of 1.1 percent. This rise is attributed to the increase in oil prices following the Trump administration's inclusion of two major Russian oil companies, Rosneft and Lukoil, on its sanctions list.

Another significant development closely watched by investors was the upcoming announcement of Intel's earnings. Moreover, as the government entered its 23rd day of shutdown and budget negotiations continued between Republicans and Democrats, uncertainty loomed over the stock market. Analysts indicated that the inflation data to be released in the coming days would be monitored by the U.S. Federal Reserve.