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U.S. stocks gain on earnings, Ebola fears weigh; Dow rises 1.32%

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Investing.com -

Investing.com - U.S. stocks rose on Thursday amid applause for upbeat U.S. earnings and data, though fresh Ebola concerns trimmed earlier gains later in the session.

At the close of U.S. trading, the Dow 30 rose 1.32%, the S&P 500 index rose 1.23%, while the NASDAQ Compositeindex rose 1.60%.

The CBOE Volatility Index index, which measures the outlook for market volatility, was down 7.61% at 16.51.

The Department of Labor reported earlier that the number of individuals in the U.S. filing for initial jobless benefits in the week ending Oct. 18 increased by 17,000 to 283,000, broadly in line with forecasts.

The four-week average fell to 281,000, the lowest since May 2000, while continuing claims, which includes those receiving benefits for at least a second month in a row, also hit a 14-year low, of 2.35 million, which boosted stock prices.

Better-than-expected earnings from 3M Company (NYSE:MMM), General Motors Company (NYSE:GM) as well as Caterpillar Inc (NYSE:CAT), the latter of which hiked its profit outlook, pushed up stock prices, though fresh fears of a possible Ebola outbreak in the U.S. watered down the rally somewhat.

A doctor who recently returned from Guinea was rushed to Bellevue Hospital earlier exhibiting symptoms of the disease, which spooked investors.

Leading Dow Jones Industrial Average performers included Caterpillar Inc (NYSE:CAT), up 4.97%, 3M Company (NYSE:MMM), up 4.39%, and Merck & Company Inc (NYSE:MRK), up 1.97%.

The Dow Jones Industrial Average's worst performers included AT&T Inc (NYSE:T), down 2.39%, Procter & Gamble Company (NYSE:PG), down 1.23%, and Verizon Communications Inc (NYSE:VZ), down 0.22%.

European indices, meanwhile, ended the day higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 1.17%, France's CAC 40 rose 1.28%, while Germany's DAX rose 1.20%. Meanwhile, in the U.K. the FTSE 100 rose 0.30%.

On Friday, the U.S. is to round up the week with a report on new home sales.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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