By Sruthi Shankar
(Reuters) - U.S. stocks rose on Monday, with banking and industrial shares driving a third day of gains on Wall Street as investors looked ahead to a strong quarterly earnings season, setting aside trade concerns.
"We're not likely to get much color on trade from this earnings, so the expectation is still for a very good season."
But a strong U.S. jobs data and hope that the tariff enactment would not intensify to an all-out trade war helped the U.S. stocks close higher on Friday.
Estimates for S&P 500 second-quarter profit growth have risen slightly since April, putting the latest forecast at around 20.7 percent, based on Thomson Reuters data. Given that the majority of companies typically beat analysts' earnings expectations, that number is likely to rise.
At 11:15 a.m. ET the Dow Jones Industrial Average was up 267.57 points, or 1.09 percent, at 24,724.05, the S&P 500 was up 19.36 points, or 0.70 percent, at 2,779.18 and the Nasdaq Composite was up 38.48 points, or 0.50 percent, at 7,726.87.
Advancing issues outnumbered decliners for a 2.06-to-1 ratio on the NYSE and for a 1.60-to-1 ratio on the Nasdaq.
The S&P index recorded 19 new 52-week highs and no new lows, while the Nasdaq recorded 121 new highs and 19 new lows.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)