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Higher profits from Ford, others drive stocks up

Published: Thursday, Oct. 24, 2013 4:15 p.m. CST
Caption
(Richard Drew)
Traders work on the floor of the New York Stock Exchange Wednesday, Oct. 9, 2013. World markets were mostly higher Thursday,Oct. 24, 2013 buoyed by an improvement in China's manufacturing, but Chinese shares fell amid jitters over tighter credit in the world's second largest economy. (AP Photo/Richard Drew)

NEW YORK – Another dose of strong corporate earnings, this time from Ford, Southwest Airlines and others, helped push the stock market higher on Thursday.

It’s one of the busiest weeks on Wall Street for corporate earnings. Roughly a third of the S&P 500 will report results, including some of the world’s best-known companies.

For investors, this week has also been a welcome return to business as usual.

So far, corporate earnings have come in pretty much as most money managers expected. Companies are reporting bigger profits, but most of the growth has come from cost-cutting, a trend that hasn’t changed very much since the financial crisis.

The Dow Jones industrial average rose 95.88 points, or 0.6 percent, to 15,509.21. The Standard & Poor’s 500 index added 5.69 points, or 0.3 percent, to 1,752.07, roughly three points from the record high of 1,754.67 it reached on Tuesday.

The Nasdaq composite was up 21.89 points, or 0.6 percent, to 3,928.96.

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