Stock Market Today: Dow Soars 511 Points After McDonald's Earnings
All three indexes notched impressive gains Monday ahead of a jam-packed week on Wall Street.

Stocks opened higher Monday and stayed that way through the close as investors looked ahead to a busy week on Wall Street – one that includes the next Fed meeting and Apple (AAPL, +1.2%) earnings.
Today, a solid reaction to earnings for one blue chip stock helped the Dow Jones Industrial Average outpace its peers even as the two other main indexes scored notable wins of their own.
Looking at the numbers, the Dow rallied 1.6% to 32,928 thanks to impressive gains for several stocks. While athletic apparel and footwear retailer Nike (NKE) was the best Dow Jones stock Monday with its 3.9% pop, fast food giant McDonald's (MCD) was near the top of the leaderboard with its 1.7% advance.

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Boosting MCD was the company's third-quarter earnings report, which came in higher than expected thanks to menu price increases. Same-store-sales growth was also higher than analysts were anticipating.
Argus Research analyst John Staszak reiterated a Buy rating on MCD stock after earnings. The analyst expects the company to navigate a soft economy better than its peers due to its buying power and financial strength. "In the current economic environment, we also think that more consumers will choose McDonald’s value menus over the more expensive fare offered by full-service restaurants," Staszak says.
Meanwhile, after closing last week in correction territory, both the S&P 500 (+1.2% at 4,166) and the Nasdaq Composite (+1.2% at 12,789) carved out impressive gains today.
Fed meeting, jobs data on tap
This week will give investors plenty to consider. In addition to the Federal Reserve unveiling its latest monetary policy decision mid-afternoon Wednesday, the October jobs report will be released Friday morning. The central bank is widely expected to keep interest rates unchanged and reiterate its data-dependent approach, which makes the monthly jobs report a key event.
Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company, "will be monitoring the labor force participation rate to see if the recent rise in new entrants joining the workforce is continuing. A rise in labor force participation could help ease the current elevated wage pressures."
Apple earnings land after Thursday's close
Additionally, Apple headlines a jam-packed earnings calendar, with the tech giant scheduled to report its quarterly results after Thursday's close. "Investors need to see a clearer growth pattern emerge before excitement can be unleashed where Apple's concerned," says Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown. While iPhone sales are likely to remain muted, the services segment is one area that is seeing continued growth, she notes.
"This helps underpin profits because margins in software are more attractive than in manufacturing physical goods," Lund-Yates adds. "The crucial part to all of this will be any hint on the outlook as we head into Christmas – it's this trajectory that has the ability to move markets."
Spirit Realty soars on buyout news
Spirit Realty (SRC) is another company slated to report earnings Thursday. The real estate stock soared 7.9% today on news it will be acquired by fellow real estate investment trust (REIT) Realty Income (O, -5.7%) in an all-stock deal valued at $9.3 billion. The deal is expected to close in the first quarter of 2024.
In other M&A news, healthcare REITs Healthpeak Properties (PEAK, -2.7%) and Physicians Realty (DOC, -0.5%) have agreed to combine in an all-stock deal valued at $21 billion. The merger is expected to be completed in the first half of next year, and the combined company will operate as Healthpeak Properties and trade under the ticker symbol "DOC" on the New York Stock Exchange.
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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 Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
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