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Major U.S. indexes rallied at midday Thursday, rebounding from Wednesday’s selloff as a report showed the U.S. economy expanded more than anticipated in the third quarter.
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Darden Restaurants shares surged after the company’s sales topped estimates, powered by LongHorn Steakhouse’s results.
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Home builder shares sank after Lennar said high mortgage rates are holding back sales.
Major U.S. indexes rallied at midday Thursday, rebounding from Wednesday’s selloff as a report showed the U.S. economy expanded more than anticipated in the third quarter. The Dow, S&P 500, and Nasdaq all advanced.
Darden Restaurants (DRI) was the best-performing stock in the S&P 500, with shares trading at an all-time high after the operator of Olive Garden, Ruth’s Chris, and other restaurant chains reported better-than-expected sales, powered by LongHorn Steakhouse’s results.
Shares of CarMax (KMX) rose after the biggest used car retailer in the U.S. beat profit and sales estimates 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 looking for assistance in adopting artificial intelligence (AI) tools.
Lamb Weston (LW) shares sank after the maker of frozen potatoes swung to a loss, cut its guidance, and announced CEO Thomas Werner stepped down.
Shares of home builders lost ground after Lennar (LEN) blamed high mortgage rates for its weaker-than-expected results and outlook.
Micron Technology (MU) shares tumbled after the chipmaker’s outlook missed analysts’ estimates. The company warned consumer-oriented markets could be weaker in the near-term.
Oil and gold futures fell. The yield on the 10-year Treasury advanced. The U.S. dollar was up on the pound and yen, but lost ground to the euro. Prices for most major cryptocurrencies declined.
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