US shares rise on strong results



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(Close): US shares closed higher helped by some strong company results.

The Dow Jones added 1.1% to 17,005.75, while the Nasdaq rose 1.8% to 4,564.29. The S&P 500 jumped 1.2% to 1,985.05.

Pfizer reported quarterly earnings of $2.7bn, up 2.9% and its shares rose 0.2%. Caterpillar was the biggest winner among Dow stocks, up 2.7%.

Twitter shares plunged 9.8% after it reported a loss of $175m in the third quarter. Sales more than doubled.

DuPont rose 1.4%, afterdespite reporting a 50% jump in quarterly profit to $433m.

Investors upbeat mood came despite mixed economic news.

Orders for durable goods fell for the second month in a row, down 1.3% in September.

Those figures include aircraft orders which can make the data vary widely from month to month.

"September's durable goods figures were undeniably weak, although our calculations still suggest that business investment in equipment expanded at close to a 10% annualised pace in the third quarter," said Paul Ashworth, chief US economist at Capital Economics.

There were signs that the US housing market is cooling off.

The Standard & Poors/Case-Shiller 20-city home price index rose 5.6% in August from 12 months earlier.

That's down from a 6.7% increase in July.