Stocks gained on more signs the U.S. economy is recovering after third-quarter GDP bounced back by 33.1% and jobless claims continued to drop.

Ticker Security Last Change Change %
I:COMP NASDAQ COMPOSITE INDEX 11149.067001 +144.20 +1.31%
FB FACEBOOK INC. 281.97 +14.30 +5.34%
AAPL APPLE INC. 114.25 +3.05 +2.74%
GOOGL ALPHABET INC. 1,549.29 +38.49 +2.55%
AMZN AMAZON.COM INC. 3,192.88 +30.09 +0.95%

The Nasdaq Composite, up over 1%, led the charge helped by Facebook and Apple, both of which report earnings after the closing bell along with Amazon and Google.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 26598.84 +78.89 +0.30%
SP500 S&P 500 3299.55 +28.52 +0.87%

The Dow Jones Industrial Average tacked on over 150 points or 0.63% while the S&P 500 rose over 1%.

HOW MAY RECORD GDP IMPACT 2020 ELECTION

ECONOMIC REBOUND 

Third-quarter GDP rebounded by a record 33.1% following a record second-quarter decline brought on by the coronavirus pandemic. Initial jobless claims data for the week ending Oct. 24 fell to 751,000 while continuing claims held at 7.7 million. Though improving, unemployment levels remain elevated.

Energy stocks remained a headwind with oil falling over 5% to the $35 per barrel level.

Ticker Security Last Change Change %
XLE ENERGY SELECT SECTOR SPDR ETF 27.91 +0.23 +0.83%
USO UNITED STATES OIL FUND L.P. 25.49 -0.83 -3.15%

MARVELL-INPHI $40B CHIP MERGER 

In M&A news, Marvell Technology announced its intention to acquire Inphi for $10 billion to create a semiconductor giant worth $40 billion in market value, sending those shares soaring. This is the second blockbuster chip deal this week after AMD and Xilinx’s $35 billion tie-up.

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MARVELL-INPHI COMBO TO CREATE $40B CHIP GIANT

Ticker Security Last Change Change %
MRVL MARVELL TECHNOLOGY GROUP LTD. 38.20 -1.32 -3.35%
IPHI INPHI CORP 140.93 +29.96 +27.00%

Separately, LVMH and Tiffany & Co. said in a statement the two companies had agreed upon a lower price for Tiffany shares, with LVMH buying Tiffany at $131.50 a share, down from the initial offer of $135 per share.

Ticker Security Last Change Change %
TIF TIFFANY & CO 130.78 +0.92 +0.70%

COVID-19 FEARS GRIP SENTIMENT

Dealmaking is helping sentiment after the Dow fell 942 points, a decline of 3.4%, as COVID-19 fears gripped investors across the globe as Germany and France announced new lockdown measures.

The U.S., in particular, continues to struggle with COVID-19, as the total number of cases in the country topped 8.8 million on Wednesday, according to data from Johns Hopkins University, resulting in at least 227,000 deaths.

Moderna shares rose after the company disclosed it took in $1.1 billion for COVID-19 vaccine orders which could be dispersed in 2021.

Ticker Security Last Change Change %
MRNA MODERNA INC. 69.56 +3.82 +5.81%

DOW DROPS 942 POINTS, AS S&P, NASDAQ TURN NEGATIVE FOR OCTOBER

EARNINGS, EARNINGS, EARNINGS

On the earnings front, Comcast Corp. and e-commerce company Shopify were higher after both reported better-than-expected results.

Pinterest, Anheuser Busch Inbev NV and Tapestry shares also gained after reporting its quarterly results.

Ticker Security Last Change Change %
PINS PINTEREST INC. 65.83 +17.07 +35.01%
CMCSA COMCAST CORP. 43.02 +1.04 +2.48%
SHOP SHOPIFY INC 1,021.70 -2.52 -0.25%
BUD ANHEUSER-BUSCH INBEV 53.26 +0.26 +0.48%
TPR TAPESTRY INC. 21.99 +0.65 +3.05%
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Approximately 40% of the companies in the S&P 500 have reported calendar third-quarter results, with more than 80% of them beating top- and bottom-line expectations.

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Commodities continued to tank, with oil sinking 5% to below $36 a barrel, while gold fell 0.8% to $1,863.90 an ounce.

European indices also rebounded on Thursday, as the STOXX 600 rose 0.1% and the German DAX climbed 0.5%.

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