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Major U.S. indexes rose Thursday afternoon, recovering from Wednesday’s selloff, 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 selloff, 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 an all-time high after Olive Garden operator Ruth’s Chris and other restaurant chains reported better-than-expected sales powered by LongHorn Steakhouse results.
CarMax shares (KMX) rose after the largest US used car seller beat profit and sales expectations as lower prices helped boost demand.
Accenture (ACN) also reported results that exceeded expectations as the business management consulting firm saw increased demand from clients seeking help in adopting artificial intelligence (AI) tools.
Lam Weston (LW) shares fell after the frozen potato maker posted a loss, cut its guidance and announced that CEO Thomas Werner was stepping down.
Homebuilder shares lost ground after Lennar (LEN) blamed high mortgage rates for the weaker-than-expected results and outlook.
Micron technology (MU) shares tumbled after the chipmaker’s prospects missed analysts’ 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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