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Wall Street gains on earnings optimism as Syria jitters dissipate

Reuters  |  NEW YORK 

By April Joyner

(Reuters) - Technology and financial stocks boosted Wall Street on Thursday as U.S. suggested that a military strike on may not be imminent and investors turned their focus to the upcoming earnings season, which is projected to deliver the strongest results in seven years.

Trump said in a tweet on Thursday that a possible attack on could occur "very soon or not so soon at all," easing fears of confrontation with

That lifted yields , leading to a 2.0 percent increase in financial stocks <.SPSY>, which had the biggest percentage advance among the S&P's 11 major sectors.

The rose 1.4 percent, adding the most gains to the

"The markets are up today on the clear pullback of threats of striking Syria, or at least the delay thereof," said Oliver Pursche, at in

Strong quarterly results from Inc and added to the sanguine mood among investors.

Delta topped profit estimates, sending its shares 2.9 percent higher and boosting other

gained 1.8 percent after the asset manager's profit rose more than expected.

The earnings season begins in earnest on Friday with reports from , and Wells Fargo & Co .

Analysts expect quarterly profit for 500 companies to rise 18.4 percent from a year ago, the biggest gain in seven years, according to I/B/E/S.

"There is a hopeful optimism that a very solid earnings quarter will settle things down and allow stocks to move higher," said Michael Arone, at in

The <.DJI> rose 324.09 points, or 1.34 percent, to 24,513.54, the 500 <.SPX> gained 24.64 points, or 0.93 percent, to 2,666.83 and the <.IXIC> added 77.80 points, or 1.1 percent, to 7,146.82.

Investor sentiment was also boosted by a U.S. initial jobless claims report that pointed to sustained labour market strength.

was a notable laggard among technology stocks, falling 1.4 percent following a 5.3 percent gain over the past two days when testified before on the social network's data security.

shares dived 19.5 percent after the company's full-year profit forecast missed estimates.

Advancing issues outnumbered decliners on the NYSE for a 1.50-to-1 ratio and on the Nasdaq, for a 2.17-to-1 ratio.

(Additional reporting by in Bengaluru and Chuck Mikolajczak in New York; Editing by Nick Zieminski)

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

First Published: Fri, April 13 2018. 00:48 IST
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