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Wall Street higher on earnings optimism, Syria worries ebb

Reuters 

By Sruthi Shankar

(Reuters) - Wall Street benchmarks bounced higher on Thursday, driven by gains in technology, financial and industrials stocks as investors hoped that lower U.S. taxes could boost first quarter corporate profits.

Boeing's 1.8 percent gain was the biggest boost to the Dow, while Microsoft's 1.7 percent gain and JPMorgan's 2.3 percent jump helped lift the

The earnings season began with BlackRock Inc, the world's largest asset manager, reporting quarterly profit above Wall Street estimates. Its shares rose 2.3 percent.

Big banks JPMorgan, and will report quarterly earnings on Friday.

"As long as we continue to be in an interest-rate hiking environment, banks are going to continue to benefit," said Randy Frederick, Vice of trading and derivatives for in Austin,

"Trade volumes were pretty solid in the early part of the quarter...generally outlook is pretty good for financials."

Analysts expect quarterly profit for companies to rise 18.5 percent from a year ago, the biggest gain in seven years, according to I/B/E/S.

At 11:20 a.m. ET, the was up 315.29 points, or 1.3 percent, at 24,504.74.

The rose 26.45 points, or 1 percent, to 2,668.64 and the was up 85.24 points, or 1.21 percent, at 7,154.27.

Fears of rising U.S.-conflict in eased after U.S. toned down his threats, tweeting "Never said when an attack on would take place. Could be very soon or not so soon at all!"

His comments came a day after he tweeted that missiles "will be coming" weighed on stock markets.

Economic data on Thursday also helped the positive sentiment. New applications for U.S. unemployment benefits fell last week, pointing to sustained labor market strength.

The data pushed yields on the U.S. 10-year Treasury notes to a four-day high at 2.82 percent.

jumped 2.84 percent after the U.S. carrier reported a rise in quarterly revenue, boosted by higher average fares and passenger traffic.

Other American Airlines, JetBlue Airways, and rose between 1.6 percent and 2.4 percent, lifting the index by 2.3 percent.

shares fell 1 percent, after rising 5.3 percent in the past two days when testified before on the data privacy scandal.

shares dived more than 18 percent after the company's full-year profit forecast missed estimates.

Advancing issues outnumbered decliners on the NYSE for a 1.64-to-1 ratio and on the Nasdaq, for a 2.57-to-1 ratio.

(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: Thu, April 12 2018. 21:35 IST
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