Stock Market News: Shopify Sails Higher as Fitbit Gets Hit
The stock market gained ground Thursday morning, quickly getting over its tantrum following Wednesday afternoon's rate cut from the Federal Reserve. Investors initially weren't happy with comments from Fed Chair Jerome Powell suggesting that further rate cuts weren't as likely as previously thought. Yet today's move higher reflects confidence in the economy. As of just before 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 187 points to 27,052. The S&P 500 (SNPINDEX: ^GSPC) rose 21 points to 3,002, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 103 points to 8,278.
A lot of companies are announcing their latest financial results, and as you'd expect, some reports are good, while others leave something to be desired. Shopify (NYSE: SHOP) gave investors something to smile about in its second-quarter earnings, but Fitbit (NYSE: FIT) continued to struggle to find a pathway forward to sustained growth.
Shares of Shopify rose almost 10% after the provider of e-commerce business tools reported continued strong growth in the second quarter of 2019. Shopify said that revenue for the quarter was higher by 48% from year-ago levels, and adjusted net income soared more than sixfold over the same period.
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