{"id":320,"date":"2025-04-24T11:51:57","date_gmt":"2025-04-24T11:51:57","guid":{"rendered":"http:\/\/www.soapandseife.com\/?p=320"},"modified":"2025-04-26T23:33:54","modified_gmt":"2025-04-26T23:33:54","slug":"wall-streets-rally-roars-into-a-3rd-day-as-companies-profits-keep-piling-up-for-now-at-least","status":"publish","type":"post","link":"http:\/\/www.soapandseife.com\/index.php\/2025\/04\/24\/wall-streets-rally-roars-into-a-3rd-day-as-companies-profits-keep-piling-up-for-now-at-least\/","title":{"rendered":"Wall Street\u2019s rally roars into a 3rd day as companies\u2019 profits keep piling up, for now at least"},"content":{"rendered":"

By STAN CHOE, AP Business Writer<\/strong><\/p>\n

NEW YORK (AP) \u2014 Wall Street\u2019s rally kept rolling Thursday as better-than-expected profits for U.S. companies piled up, though\u00a0CEOs said they\u2019re unsure whether it will last<\/a>\u00a0because of uncertainty created by\u00a0President Donald Trump\u2019s<\/a>\u00a0trade war.<\/p>\n

The S&P 500 charged 2% higher and pulled within 11% of its record set earlier this year. The Dow Jones Industrial Average rose 486 points, or 1.2%, while the Nasdaq composite jumped 2.7%.<\/p>\n

Tech stocks helped lead the way, including ServiceNow after the AI platform company delivered a stronger profit for the start of 2025 than analysts expected. The company, whose AI agents help clients manage their customers, saw its stock jump 15.5% after it also gave a forecasted range for upcoming subscription revenue that beat some analysts\u2019 expectations.<\/p>\n

Southwest Airlines likewise reported stronger results than expected for the first three months of the year. But its stock flipped between gains and losses through the morning after it also became the\u00a0latest U.S. carrier<\/a>\u00a0to say the outlook for the economy looks so cloudy that it\u2019s\u00a0pulling some of its financial forecasts for the year<\/a>.<\/p>\n

CEO Bob Jordan said the company is \u201ccontrolling what we can control,\u201d and it\u2019s cutting how much flying it will do in the second half of the year. Southwest\u2019s stock eventually pulled higher in afternoon trading and finished up 3.7%.<\/p>\n

Rival American Airlines, meanwhile, pulled its financial forecasts for the full year and said it plans to provide an update when \u201cthe economic outlook becomes clearer.\u201d Its stock rose 3.1% after it also topped profit expectations for the latest quarter.<\/p>\n

Companies across industries have been talking about how difficult it is to give financial forecasts for the upcoming year, as Wall Street typically expects them to do, because of the on-again-off-again rollout of Trump\u2019s tariffs.<\/p>\n

\"Trader
Trader Christopher Lagana works with colleagues on the floor of the New York Stock Exchange, Thursday, April 24, 2025. (AP Photo\/Richard Drew)<\/figcaption><\/figure>\n

U.S. stocks\u00a0rallied the prior two days<\/a>\u00a0on hopes that Trump was softening his approach\u00a0on tariffs<\/a>\u00a0and his\u00a0criticism of the Federal Reserve<\/a>, which had earlier shaken markets. But China, the world\u2019s second-largest economy, on Thursday\u00a0denied it\u2019s involved in active negotiations<\/a>\u00a0with the United States over tariffs, saying that any suggestion of progress was as groundless as \u201ctrying to catch the wind.\u201d<\/p>\n

Calling Trump\u2019s policy announcements \u201cheadline turbulence,\u201d Tan Jing Yi of the Asia & Oceania Treasury Department at Mizuho Bank warned that global economies could be hurt in the long run, adding: \u201cSentiments swing from hopes of intense relief to inflicted economic gloom.\u201d<\/p>\n

This week\u00a0began with a steep loss for U.S. stocks<\/a>\u00a0on fears about the trade war, and it\u2019s been a microcosm of the market\u2019s severe swings in recent weeks as investors struggle with how to react to conditions that sometimes change by the hour. The only certainty is that the market will likely keep swinging until more clarity arrives on tariffs, which many investors expect would cause a recession unless they\u2019re rolled back.<\/p>\n

\u201cIt\u2019s an unhealthy market backdrop right now, and we\u2019re trying not to react too much,\u201d said John Belton, a portfolio manager at Gabelli Funds.<\/p>\n

Households across the United States are preparing for the higher prices<\/a>\u00a0that economists say tariffs would bring, while the\u00a0head of the International Monetary fund<\/a>\u00a0urged countries to move \u201cswiftly\u2019\u2019 to resolve their trade disputes that threaten global economic growth.<\/p>\n

In the meantime, many U.S. companies are continuing to report stronger profit than analysts expected for the start of 2025, while offering caution and uncertainty about the year ahead.<\/p>\n

Toy company Hasbro was a winner and jumped 14.6% after reporting better profit and revenue for the latest quarter than analysts expected. It cited strong growth for its Magic: The Gathering game, among other products.<\/p>\n

Texas Instruments rallied 6.6% after the semiconductor company likewise reported a stronger profit than expected.<\/p>\n