The broad S&P 500 saw minimal gains, while the tech-heavy Nasdaq edged down by 0.16%.
Strong quarterly results for Coca-Cola led to a 4.1% increase in its stock, while 3M saw a 7.7% rise, both contributing to gains for the Dow Jones. General Motors’ stock went up by 14.86% after it revised down its estimate of the impact of Donald Trump’s tariffs.
“This is a good indication that the stocks of multinational companies are reflecting better-than-expected results. It essentially means that the third-quarter earnings season had a strong start and we are likely to see a strong year-end rally,” stated Louis Navellier, founder and chief investment officer of Navellier & Associates, to CNBC.
However, tech stocks were affected by Trump’s skepticism concerning a planned meeting next week with Chinese President Xi Jinping.
“Maybe it won’t happen,” Trump commented, following which Alphabet and Broadcom shares fell by two percent, and Nvidia dropped nearly one percent.
Meanwhile, investors remain focused on the budgetary impasse in Congress, which has resulted in the shutdown of federal government agencies and services.
