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US stocks close higher amid earnings reports

New York, Nov 17 (IANS) US stocks ended higher as traders were sifting through the latest corporate earnings reports.

The Dow Jones Industrial Average on Thursday added 187.08 points, or 0.80 per cent, to 23,458.36, Xinhua news agency reported.

The S&P 500 increased 21.02 points, or 0.82 per cent, to 2,585.64. The Nasdaq Composite Index was up 87.08 points, or 1.30 per cent, to 6,793.29.

Cisco Systems Inc reported a 3.1 per cent rise in quarterly profit on Wednesday after market close, driven by growth in its newer areas and lower expenses.

The company’s net income rose to $2.39 billion, or 48 cents per share, from $2.32 billion, or 46 cents per share, a year earlier.

Shares of Cisco rose 5.19 per cent to close at $35.88 per share on Thursday.

US retailer Walmart also reported better-than-expected quarterly earnings and revenue on Thursday, sending the stock more than 8 per cent higher.

On the US economic front, initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 249,000 for the week ended November 11, the Labor Department said on Thursday. It was the second straight weekly increase and higher than market expectations.

The Federal Reserve said on Thursday that US industrial production jumped a solid 0.9 per cent in October as factory activity recovered from the impact of Hurricanes Harvey and Irma, beating market consensus.

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