(By Salman - iStockAnalyst Writer)US stocks finished with solid gains on Thursday as stronger-than expected corporate earnings reinforced investor optimism.
The Dow Jones Industrial Average rallied 131.95 points or 1.33% to finish at 10,081.31. The S&P 500 jumped 11.51 points or 1.06% to end at 1,092.91. The Nasdaq Composite rose 14.56 points or 0.68% to 2,165.29.
Shares of Travelers Companies Inc. (NYSE:
TRV) soared $3.68 or 7.66% to $51.70 after it announced that net profit more than quadrupled to $935 million, or $1.65 a share, from $214 million, or 36 cents a share, in the year-ago quarter. The company hiked its quarterly dividend by 10%, added $6 billion to its share-buyback program, and lifted its outlook for operating earnings for the year.
3m Co. (NYSE:
MMM) reported that its third quarter net income slipped 3% to to $957 million, or $1.35 a share, from $991 million, or $1.41 a share, in the same quarter a year ago. Revenue decreased to $6.19 billion from the prior year's $6.56 billion. However, the company boosted full-year profit outlook to a range of $4.50 to $4.55 a share, up from a prior forecast of $4.10 to $4.30 a share. 3m Co. shares rose $2.46 or 3.22% to $78.79.
Among financials, shares of American Express (NYSE:
AXP) rallied $1.34 or 3.82% to 36.44.JP Morgan & Chase & Co. (NYSE:
JPM) gained $1.06 or 2.37% to $45.67. Shares of Wells Fargo & Co. (NYSE:
WFC) jumped $1.27 or 4.39% to $30.17.
Early on Thursday, McDonald's Corp. (NYSE:
MCD) said Thursday that its third-quarter net income grew to $1.26 billion, or $1.15 a share, from $1.19 billion, or $1.05 a share, in the year-ago quarter. Revenue fell 4% to $6.05 billion from $6.27 billion. Shares of the fast food chain climbed $1.17 or 2.01% to $59.50.
AT&T Inc. (NYSE:
T) said that third-quarter net income slipped 1.2% to $3.2 billion, or 54 cents a share, from $3.23 billion, or 55 cents a share, in the corresponding quarter last year. Revenue declined 1.6% to $30.86 billion. Shares of the company finsihed at $26.10, up 16 cents or 0.62%.
Shares of Dow Chemical Co.
