Impressive Q3 Earnings Propel Taiwan Semiconductor & Travelers
On Thursday, Wall Street saw a mostly positive close, buoyed by robust earnings results that invigorated investor confidence. Leading the charge were Taiwan Semiconductor Manufacturing Company (TSMC) and The Travelers Companies, both of which reported impressive third-quarter 2024 results.
Taiwan Semiconductor posted adjusted earnings per share of $1.94, comfortably surpassing the Zacks Consensus Estimate of $1.74. Additionally, the company’s quarterly revenue reached a whopping $23.5 billion, beating estimates of $22.7 billion.
Not to be outdone, The Travelers Companies delivered adjusted earnings of $5.24 per share, significantly outpacing the consensus estimate of $3.79. These positive earnings surprises resulted in a 9.8% jump for Taiwan Semiconductor stock and a 9% gain for Travelers, sparking market optimism.
The tech-centric Nasdaq Composite finished at 18,373.61, gaining 6.53 points. Meanwhile, the S&P 500 experienced a slight dip, falling by 1 point to close at 5,841.47. These results underscore the resilience of both the technology and financial sectors in the face of ongoing market volatility.
For more details, visit the original article on Yahoo Finance: Stock Market News Oct 18.