U.S. stocks climbed for a third straight session on Thursday, this time after President Trump tweeted that he had a "long and very good conversation" with Chinese President Xi Jinping on trade. Both the Dow Jones Industrial Average (DJINDICES:^DJI) and the S&P 500 (SNPINDEX:^GSPC) added a little over 1%.

Today's stock market

Index Percentage Change Point Change
Dow 1.06% 264.98
S&P 500 1.06% 28.63

Data source: Yahoo! Finance.

Bull figurine standing on stock prices with paper charts nearby

Image source: Getty Images.

Industrials led today's gainers, with the Industrial Select Sector SPDR Fund (NYSEMKT:XLI) climbing 1.8%. Tech players also continued to rally, with the Technology Select Sector SPDR Fund (NYSEMKT:XLK) up 1.2%. 

As for individual stocks, earnings news left shares of Fitbit (NYSE:FIT) and Allstate (NYSE:ALL) traveling in very different directions.

Fitbit's new devices are a hit

Shares of Fitbit skyrocketed 25.8% after the fitness-centric wearable technology company announced stronger-than-expected third-quarter results. 

That's not to say Fitbit's results looked impressive at first glance. Revenue climbed 0.3% year over year to $393.6 million, helped by a 3% increase in average selling prices for the 3.5 million wearable devices Fitbit sold during the quarter. That translated to adjusted (non-GAAP) earnings of $10 million, or $0.04 per share, swinging from a loss of $2.8 million, or $0.01 per share in the same year-ago period. 

In comparison, though, most analysts were expecting a loss of $0.01 per share on lower revenue of $381.2 million. What's more, Fitbit reaffirmed its full-year guidance for revenue of roughly $1.5 billion, with higher selling prices continuing to offset a lower number of devices sold.

Given its return to profitability, its reiterated outlook, and the fact that shares were trading near an all-time low leading up to the report, it's no surprise to see Fitbit stock rebound.

Allstate underwrites an earnings miss

Shares of Allstate fell 6% after the insurance giant delivered a mixed third-quarter report.

Allstate's performance appeared solid with a cursory look. Consolidated revenue grew 5.8% year over year to $10.47 billion, exceeding expectations for $8.72 billion. On the bottom line, however, that resulted in 20.6% growth in adjusted earnings per diluted share to $1.93, which fell well short of estimates for $2.21 per share.

"Allstate's strategy to grow the market share of our personal Property-Liability businesses while expanding other protection products delivered excellent results," said Chairman and CEO Tom Wilson. "These operating results support attractive cash returns to shareholders while investing for long-term growth."

On Wilson's latter point -- and to offer a significant vote of confidence in its future -- Allstate's board approved a new $3 billion share repurchase program to begin after its current $2 billion program is finished.

In the end, regardless of whether the market approves, it's clear that Allstate is more than pleased with its performance. But given its bottom-line shortfall relative to expectations, the stock's decline isn't all that surprising.

Steve Symington has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Fitbit. The Motley Fool has a disclosure policy.