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Technology stocks boost Wall Street to hit fresh records

Of the S&P 500 companies, 55 are expected to report this week

Reuters 

wall, wall street, US
A street sign for Wall Street is seen outside the New York Stock Exchange in Manhattan, New York City

Major indexes hit fresh records at the open on Monday on gains in financial and even as investors awaited a barrage of earnings reports this week.

Apple gained 1.05 percent, providing the biggest boost to the and the after KeyBanc upgraded the stock to "overweight".

Financial stocks gained for the first time in four days, led by bank stocks. Reactions to bank results last week were muted on concerns about credit card losses at JPMorgan and Citigroup and weak trading activity across the sector.

Investment banks Goldman Sachs and Morgan Stanley report before open on Tuesday. Insurer Travelers jumped 2 percent, providing the biggest boost to the Dow.

Video-streaming pioneer reports third-quarter results after market.

"The market still wants to be optimistic, it wants to continue to move higher from here," said Robert Pavlik, chief market strategist at Boston Private Wealth.

"It seems to be the trend recently that companies report good earnings and the market sells them off a little bit, taking it as an opportunity to lock in profits. But it's not something that should worry long-term investors."

Of the 500 companies, 55 are expected to report this week. Out of the 32 that have reported so far, 84.4 percent beat earnings expectations, according to Thomson Reuters data.

World stocks and commodities got a boost from upbeat Chinese data on Monday, while U.S. oil futures jumped to a near six-month high as escalating tensions between the Iraqi government and Kurdish forces threatened supply.

At 9:46 a.m. ET (1346 GMT), the  Industrial Average was up 66.88 points, or 0.29 percent, at 22,938.6, the 500 was up 5.72 points, or 0.22 percent, at 2,558.89 and the Composite was up 20.73 points, or 0.31 percent, at 6,626.54.

Ten of the 11 major sectors were higher, led by gains in the energy index as jumped nearly 2 percent.

Oil majors Chevron gained 1.4 percent and Exxon rose half a percent.

Adobe slipped 1.58 percent after Deutsche Bank cut rating on the Photoshop maker's stock to "hold".

Groupon rose 4.5 percent after brokerage Cowen and Co upgraded the daily deals website operator's stock to "market perform".

Freeport-McMoran gained 4.7 percent as copper prices broke through the $7,000-a-tonne mark for the first time in three years, helped by Chinese data.

Advancing issues outnumbered decliners on the by 1,571 to 992. On the Nasdaq, 1,518 issues rose and 973 fell.

First Published: Mon, October 16 2017. 20:21 IST
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