Stock Market Today: Dow Jumps 520 Points After Salesforce Earnings
The enterprise network software firm reported impressive Q3 results, sending the blue chip stock soaring.


Another encouraging reading on inflation failed to light a fire under stocks Thursday, with the two of the three main indexes continuing the choppy price action we've seen all week. Still, stocks closed the month of November with impressive gains, and if history is any guide, there's more upside to come over the next several weeks.
All three major benchmarks were higher to start the day after data from the Bureau of Economic Analysis said the Personal Consumption and Expenditures (PCE) index, the Fed's favorite inflation indicator that tracks consumer spending, was unchanged on a month-over-month basis and up 3.0% annually – both figures below what was seen in September.
The monthly increase (+0.2%) and year-over-year rise (+3.5%) in core PCE, which excludes volatile food and energy prices, were also lower than the previous month.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"This morning's PCE print underscores that inflationary pressures continue to moderate to the downside, but the question remains if it will be enough for the Fed to declare a final victory," says Quincy Krosby, chief global strategist for LPL Financial.
Salesforce gains $20.8 billion in market value after earnings
At the close, the Nasdaq Composite (-0.2% at 14,226) had erased its earlier gains. The S&P 500 (+0.4% at 4,567) and the Dow Jones Industrial Average (+1.5% to 35,950) hung on for a win, though, thanks to strong gains for Salesforce (CRM).
Shares of CRM jumped 9.4%, adding $20.8 billion in market value along the way, after the software-as-a-service (SaaS) firm reported better-than-expected third-quarter earnings of $2.11 per share on in-line revenue of $8.7 billion.
BofA Securities analyst Brad Sills says that this quarter's results show Salesforce's productivity efforts are reaching a turning point. "The efforts had a noticeable impact on margin, and started to benefit from deal sizes as account reps sell more of the stack as opposed to single products," notes Sills, who has a Buy rating on CRM and calls it a top stock pick.
Snowflake delivers a beat-and-raise quarter
Snowflake (SNOW) was another post-earnings winner today, rising 7.1% after the cloud-based data platform delivered beat-and-raise third-quarter results. "The company benefited from high net retention rate, new customer adds, and large-customer traction in the third quarter of fiscal 2024," says Oppenheimer analyst Ittai Kidron (Outperform, the equivalent of Buy). "Innovations around artificial intelligence with its Snowpark framework and availability of additional service, can provide additional uplift to growth in fiscal 2025 and beyond."
The tech stock happens to be a member of the Berkshire Hathaway equity portfolio, with Warren Buffett & Co. first taking a stake in Q3 2020 – shortly after its initial public offering. Since then, SNOW shares are down more than 26%.
Despite today's mixed finish, the Nasdaq (+10.3%), S&P 500 (+8.6%) and Dow (+8.5%) all carved out impressive monthly gains.
If history is any guide, stocks could continue this momentum into year's end. According to Yardeni Research, the S&P 500 has finished December higher 69 times since 1928 – the most of any month. The index has averaged a 1.3% gain in December over that time frame, coming in third behind April (+1.4%) and July (1.7%) as the strongest month for stocks.
Related content
- When Is the Next CPI Report?
- Instacart+ Users Can Now Get Peacock Streaming For Free
- How Charlie Munger Helped Create Berkshire Hathaway, and Warren Buffett
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Ask the Editor — Tax Questions on the New Senior Deduction
Ask the Editor In this week's Ask the Editor Q&A, we answer tax questions from readers on the new $6,000 deduction for taxpayers 65 and older.
-
These Summer 2025 Back-to-School Tax-Free Weekends Start Now
Sales Tax Over a dozen states offer back-to-school shoppers a sales tax holiday this summer.
-
Stock Market Today: S&P 500, Nasdaq Hit New Highs on Retail Sales Revival
Strong consumer spending and solid earnings for AI chipmaker Taiwan Semiconductor Manufacturing boosted the broad market.
-
If You'd Put $1,000 Into Berkshire Hathaway Stock 20 Years Ago, Here's What You'd Have Today
Berkshire Hathaway is a long-time market beater, but the easy money in BRK.B has already been made.
-
Stock Market Today: Powell Rumors Spark Volatile Day for Stocks
Stocks sold off sharply intraday after multiple reports suggested President Trump is considering firing Fed Chair Jerome Powell.
-
Stock Market Today: Nasdaq Hits a New High as Nvidia Soars
A big day for Nvidia boosted the Nasdaq, but bank stocks created headwinds for the S&P 500.
-
Stock Market Today: Markets Chop Up More Trump Threats
Stocks are grinding to new highs on light summer volume, and bitcoin is only getting bigger.
-
If You'd Put $1,000 Into Procter & Gamble Stock 20 Years Ago, Here's What You'd Have Today
Procter & Gamble stock is a dependable dividend grower, but a disappointing long-term holding.
-
Stock Market Today: Stocks Slip Ahead of Big Earnings, Inflation Week
Perhaps uncertainty about tariffs, inflation, interest rates and economic growth can only be answered with earnings.
-
Stock Market Today: Solid Signals Lift Stocks Despite Tariff Noise
Markets are whistling over the White House in an ongoing display of corporate America's enduring ability to survive and advance.