You are here: Home » Reuters » News
Business Standard

Bank, industrial stocks lift Wall St as investors await strong quarter


By Sruthi Shankar

(Reuters) - U.S. stocks rose on Monday, with 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.

were the biggest gainers, with the banks index rising 2.2 percent, on track for its biggest percentage gain in over a month, helped by a rise in U.S. yields.

JPMorgan, and are scheduled to report on Friday, kicking off the second quarter earnings season in earnest.

"The market is anticipating a very good earnings season and ignoring any trade issues," said Paul Nolte, at in

"We're not likely to get much color on trade from this earnings, so the expectation is still for a very good season."

The and slapped tit-for-tat tariffs on each other's goods worth $34 billion on Friday, escalating a months-long trade dispute between the two countries.

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 500 second-quarter profit growth have risen slightly since April, putting the latest forecast at around 20.7 percent, based on 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 was up 267.57 points, or 1.09 percent, at 24,724.05, the 500 was up 19.36 points, or 0.70 percent, at 2,779.18 and the Composite was up 38.48 points, or 0.50 percent, at 7,726.87.

rose 3.5 percent, providing the biggest boost to the Dow. The sector jumped 1.7 percent, with defense stocks Boeing, and all gaining.

was up 1.1 percent after automotive website Electrek reported the company hiked prices of its Model X and S cars by over $20,000 in due to tariffs.

sank 8.3 percent after a report on company's suspension of accounts, which analysts said would be negative for user growth.

Advancing issues outnumbered decliners for a 2.06-to-1 ratio on the NYSE and for a 1.60-to-1 ratio on the

The S&P index recorded 19 new 52-week highs and no new lows, while the recorded 121 new highs and 19 new lows.

(Reporting by in Bengaluru; Editing by Shounak Dasgupta)

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

First Published: Mon, July 09 2018. 21:27 IST