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Wall St. inches higher as healthcare, bank stocks gain

Reuters 

By Sruthi Shankar

(Reuters) - Wall Street's major indexes inched higher on Tuesday as financial, healthcare and industrial extended the new year rally powered by expectations of strong quarterly earnings.

continued their winning streak in 2018 as investors remained hopeful about global economic growth and tax-cut led gains for corporate earnings in a low interest rate environment.

"So long as remains at around these levels, it will certainly support the multiples that we have," said Tim Dreiling, regional director for The Private Client Reserve of U. S.

"We'll watch to see if that unexpectedly rises and could cause some concerns about earnings compression."

After a lukewarm December jobs report, investors will look for fresh signs of pickup in from the monthly consumer price data due on Friday.

At 12:29 a.m. ET (1729 GMT), the <. DJI> was up 113.05 points, or 0.45 percent, at 25,396.05 and the <. SPX> was up 7.16 points, or 0.26 percent, at 2,754.87.

The <. IXIC> was up 11.28 points, or 0.16 percent, at 7,168.66.

Fourth quarter earnings season is set to begin on Friday with big banks and will give investors more details on the impact of tax cuts on companies' performance.

Earnings for companies are expected to rise 11.8 percent in the fourth quarter, compared with an 8 percent increase a year earlier, according to I/B/E/S.

A handful of retailers including , and have already reported solid rise in same-store sales for the holiday period and raised their profit forecasts for the fourth quarter.

jumped 2.4 percent, lifting the Dow the most, after the company said it delivered 763 jetliners in 2017, likely retaining the title of the world's biggest

A 2 percent rise in and a 6.4 percent jump in

N> helped the <. SPXHC> gain 1.03 percent.

of America and rose more than 1 percent, tracking a rise in U. S. 10-year Treasury yields, which hit a 10-month high after the of Japan said it would trim its purchases of bonds. [US/]

The and fell about 0.9 percent.

Technology were lower, led by Intel's 1.8 percent drop. Performance of the systems running on the chipmaker's processors decreased after Corp released patches against security threats.

slipped 3.5 percent after suspended patches for computers running AMD chipsets after complaints that the updates froze their machines.

Declining issues outnumbered advancers on the NYSE by 1,594 to 1,253. On the Nasdaq, 1,460 issues fell and 1,406 advanced.

(Reporting by in Bengaluru; Editing by Arun Koyyur)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 09 2018. 23:58 IST
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