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Wall Street higher as Syria fears ease, earnings in focus

Reuters  |  NEW YORK 

By Sinead Carew

NEW YORK (Reuters) - U.S. stocks rose on Monday with and leading the way as investors appeared less concerned about possible retaliation for the U.S.-led missile attack in

The weekend's air strikes marked the biggest intervention by Western countries against Syrian and his ally Russia, which is facing further economic sanctions over its role in the conflict.

The gains on Wall Street were broad-based as investors appeared to shift focus to the U.S. earnings season in which corporate tax cut benefits are expected to be a highlight.

"The catalyst had been the concern about trade issues, which is calming down. The bombing in looks to be an event rather than an ongoing thing and it was a coalition," said Jeffrey Carbone, managing partner, Cornerstone Wealth, in Huntersville, "Now we get to concentrate on fundamentals ... Earnings is kicking in and the economic data is still good and shows an accelerating economy."

500 companies are expected to report an 18.6 percent jump in first-quarter profit, on average, the biggest rise in seven years, according to data.

At 2:26 p.m. ET, the <.DJI> rose 227.2 points, or 0.93 percent, to 24,587.34, the 500 <.SPX> gained 22.91 points, or 0.86 percent, to 2,679.21 and the <.IXIC> added 51.62 points, or 0.73 percent, to 7,158.27.

The 500's sector <.SPLRCT> was the biggest boost to the benchmark with a 0.8-percent increase followed by the <.SPXHC> which was up 0.97 percent.

provided the second-biggest boost to the from a single stock a day ahead of its earnings report with a 2.9 percent gain, just behind Corp , which was up 1.2 percent.

rose 2.2 percent after the company presented positive data on its cancer drug Keytruda, also boosting the

Shares of optical components makers, including those of and , took a beating after reported that the was banning American companies from selling components to Chinese <0000063.SZ><0763.HK>. Acacia fell 34.4 percent, compared with a 13-percent drop for

jumped 6.6 percent after the trucking company's profit topped estimates.

was up 1 percent after a better-than-expected increase in quarterly profit.

fell 2 percent. The company was due to reports results after the closing bell on Monday.

Advancing issues outnumbered declining ones on the NYSE by a 2.75-to-1 ratio; on Nasdaq, a 2.04-to-1 ratio favored advancers.

The 500 posted 11 new 52-week highs and no new lows; the recorded 66 new highs and 27 new lows.

(Additional reporting by in Bengaluru; Editing by and Nick Zieminski)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, April 17 2018. 00:18 IST
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