US stocks rise on earnings deluge; airline shares retreat

US stocks rise on earnings deluge; airline shares retreat

/ 03:50 AM January 31, 2025

US stocks rise on earnings deluge; airline shares retreat

Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell on January 30, 2025, in New York City. (Photo by TIMOTHY A. CLARY / AFP)

NEW YORK, United States — Wall Street stocks edged higher early Thursday following a deluge of mixed earnings as airline shares retreated following a US plane crash involving a passenger jet.

Shares of Meta and IBM vaulted higher while Microsoft and UPS slumped on the heels of one of the busiest stretches of the earnings season.

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A passenger jet run by an affiliate of American Airlines carrying 64 people collided in midair with a military helicopter over the Potomac river on Wednesday night, leaving no survivors.

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American Airlines fell 2.1 percent, while other US carriers also retreated.

About 20 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 44,797.45.

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The broad-based S&P 500 advanced 0.5 percent to 6,067.77, while the tech-rich Nasdaq Composite Index gained 0.4 percent to 19,708.55.

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The European Central Bank cut its benchmark deposit rate by a quarter point to 2.75 percent, its fifth reduction since June last year and a move widely expected by observers.

The ECB’s latest decision comes a day after the Federal Reserve kept interest rates unchanged.

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