By Rodrigo Campos
NEW YORK (Reuters) - Wall Street led stocks higher globally on Thursday, more than offsetting declines in Asia, as an expected strong earnings season took front seat after U.S. President Donald Trump cast doubt over the timing of his threatened strike on Syria.
The risk of clashes between Western powers and Russia in Syria over an alleged chemical attack eased somewhat as Trump reworded his Wednesday threat that missiles "will be coming" while taunting Russia for supporting Syrian President Bashar al-Assad.
Trump wrote on Thursday that an attack on Syria "could be very soon or not so soon at all." Later, he said decisions will be made "fairly soon."
BlackRock's results boosted bank shares <.SPXBK>, which were the largest gainers on Thursday, likely on bets that increased exchange traded funds trading will benefit their bottom lines. Higher U.S. Treasury yields also gave banks support.
"We're hearing less talk of firing missiles and less talk of trade war. Earnings are coming up and expectations are high," said Michael Antonelli, managing director of institutional sales trading at Robert W. Baird in Milwaukee. The stock market, he said, is "returning to normal."
The Dow Jones Industrial Average <.DJI> rose 293.6 points, or 1.21 percent, to 24,483.05, the S&P 500 <.SPX> gained 21.8 points, or 0.83 percent, to 2,663.99 and the Nasdaq Composite <.IXIC> added 71.22 points, or 1.01 percent, to 7,140.25.
The pan-European FTSEurofirst 300 index <.FTEU3> rose 0.67 percent and MSCI's gauge of stocks across the globe <.MIWD00000PUS> gained 0.37 percent.
The higher risk appetite as geopolitical tensions eased boosted U.S. Treasury yields. The safe-haven Japanese yen also fell.
"It doesn't move it to the back-burner, but it allows you to look around and trade other things and that gives room for rates to rise just a little bit from their sort of cramped or compressed levels," he said.
Benchmark 10-year Treasury notes
The 30-year bond
"We have seen an accelerated shrinkage of stocks in storage from unparalleled highs of about 400 million barrels to about 43 million above the five-year average," Barkindo said.
Both are at levels not seen since 2014.
The U.S. dollar index <.DXY> was on track to snap a four-day losing streak as it rose 0.21 percent, with the euro
"It's a reversal of the safe-haven trade that lifted the yen and the Swiss franc earlier in the week," said Karl Schamotta, director of global product and market strategy at Cambridge Global Payments in Toronto.
The Japanese yen weakened 0.43 percent versus the greenback at 107.27 per dollar, while the dollar was up 0.48 percent against the Swiss franc
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)