Dow Surges Over 100 Points; Charles Schwab Posts Upbeat Earnings

Benzinga
Oct 16

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 100 points on Thursday.

Following the market opening Thursday, the Dow traded up 0.34% to 46,412.27 while the NASDAQ climbed 0.73% to 22,834.55. The S&P 500 also rose, gaining, 0.41% to 6,698.54.

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Leading and Lagging SectorsCommunication services shares jumped by 1.4% on Thursday.

In trading on Thursday, financial stocks fell by 0.7%.

Top Headline

Charles Schwab Corporation (NYSE:SCHW) reported better-than-expected earnings for yhe third quarter.

The company reported third-quarter adjusted earnings per share of $1.31, up 70% year over year (Y/Y), beating the analyst consensus estimate of $1.25. Quarterly sales of $6.135 billion (+27% Y/Y) outpaced the Street view of $6.009 billion.

Equities Trading UP           

  • Praxis Precision Medicines Inc (NASDAQ:PRAX) shares shot up 202% to $173.05. The clinical-stage biopharmaceutical company released topline results for the Phase 3 Essential3 program of ulixacaltamide in essential tremor (ET).
  • Shares of Vivakor inc (NASDAQ:VIVK) got a boost, surging 82% to $0.54. Vivakor recently announced a non-binding term sheet to established a $40 million commodity intermediation credit facility.
  • Mira Pharmaceuticals Inc (NASDAQ:MIRA) shares were also up, gaining 63% to $2.15 after the company announced new preclinical data for Mira-55.

Equities Trading DOWN

  • UTime Ltd (NASDAQ:WTO) shares dropped 83% to $0.20 after the company reported pricing of $25 million registered direct offering.
  • Shares of Theriva Biologics Inc (NYSE:TOVX) were down 49% to $0.43 after the company announced a $4 million warrant inducement agreement for the immediate exercise of warrants to purchase up to 7,360,460 of common stock at a reduced exercise price of $0.54 per share.
  • Hyperfine Inc (NASDAQ:HYPR) was down, falling 41% to $1.30 after the company announced the pricing of its $17.5 million public offering of 14 million shares at a price of $1.25 per share.

CommoditiesIn commodity news, oil traded up 0.2% to $58.38 while gold traded up 1.6% at $4,269.40.

Silver traded up 2.1% to $52.455 on Thursday, while copper fell 1% to $4.9660.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 rose 0.3%, while Spain's IBEX 35 Index fell 0.4%. London's FTSE 100 fell 0.3%, Germany's DAX 40 slipped 0.1% and France's CAC 40 surged 0.8% during the session.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan's Nikkei 225 surging 1.27%, Hong Kong's Hang Seng index falling 0.09%, China's Shanghai Composite rising 0.10% and India's BSE Sensex rising 1.04%.

Economics

The Philadelphia Fed Manufacturing Index declined to a six-month low level of -12.8 in October from 23.2 in the previous month and missing market estimates of 10.

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