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Major U.S. indexes rose Thursday afternoon, recovering from Wednesday’s sell-off, after a report showed the U.S. economy grew more than expected in the third quarter.
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Shares of Darden Restaurants rose after the company’s revenue beat expectations, powered by LongHorn Steakhouse’s results.
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Homebuilder shares fell after Lennar said high mortgage rates are holding back sales.
Major U.S. indexes rose Thursday afternoon, recovering from Wednesday’s sell-off, after a report showed the U.S. economy grew more than expected in the third quarter. The Dow Jones, the S&P 500 and the Nasdaq all advanced.
Restaurants in Darden (DRI) was the best-performing stock in the S&P 500, with shares trading at a record high after Olive Garden operator, Ruth’s Chris and other restaurant chains reported better than expected salesmade possible by the results of LongHorn Steakhouse.
CarMax shares (KMX) rose after becoming the largest seller of used cars in the US beat profit and sales estimates as lower prices helped boost demand.
Accenture (ACN) Also reported results that exceeded expectations as the business management consultancy saw increased demand from clients seeking help with adoption artificial intelligence (AI) tools.
Lam Weston (LW) shares fell after the frozen potato maker posted a loss, cut its guidance and announced CEO Thomas Werner resigned.
Homebuilder shares lost ground after Lennar (LEN) blamed high mortgage rates due to weaker than expected results and prospects.
Micron technology (MU) shares plunged after the chipmaker’s Outlook missed analyst estimates. The company warned that consumer-facing markets could be weaker in the near term.
Oil and gold futures fell. The yield on ten-year government bonds rose. The US dollar rose against the pound and yen, but lost ground against the euro. Prices for most major cryptocurrencies fell.
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