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Wall Street enters third day of gains as trade fears ease

Reuters 

By Sruthi Shankar

(Reuters) - U.S. stocks rose on Monday, with leading third day of gains in a row after strong U.S. jobs data from last week helped investors brush aside trade concerns.

The financial index rose 1.3 percent, providing the biggest boost to the main index. But gains were widespread, with technology, energy, industrials, consumer discretionary and rising.

The and engaged in tit-for-tat tariffs on Friday, both countries imposing duties worth $34 billion on each others' goods. But the benchmark 500 closed up 0.84 percent on Friday as many analysts said the move was already priced in, but warned that further escalation could dent the appetite for stocks.

China's securities regulator said on Sunday it plans to ease restrictions on foreign investment in stocks listed on the or exchanges to attract more foreign capital and support the

The sentiment was largely upbeat after Friday's U.S. payrolls report showed tame wages and more people looking for work, boosting optimism that the Federal Reserve would stay on a path of gradual interest rate increases.

"Last Friday's gains managed to put a positive patina on what was otherwise a rather unimpressive week for equity investors," Peter Kenney, at in New York, wrote in a note.

"That tone could serve investors well this week as we launch into Q2 earnings season."

At 9:49 a.m. ET the was up 193.11 points, or 0.79 percent, at 24,649.59, the was up 15.33 points, or 0.56 percent, at 2,775.15 and the Composite was up 46.97 points, or 0.61 percent, at 7,735.36.

All eyes will turn to second-quarter earnings reports, with banks JPMorgan, and scheduled to report on Friday.

companies are expected to report 21 percent growth in earnings per share for the June quarter, according to I/B/E/S. But focus will be on any warnings companies might give about the impact of trade tariffs.

U.S.-listed shares of Chinese companies Alibaba, and climbed after recommendations on the stocks.

was up 1.6 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.

jumped 8.8 percent after a Recode report that the was looking for a buyer.

Advancing issues outnumbered decliners for a 2.53-to-1 ratio on the NYSE and a 2.16-to-1 ratio on the

The S&P index recorded 17 new 52-week highs and no new lows, while the recorded 97 new highs and six new lows.

(Reporting by in Bengaluru; Editing by Shounak Dasgupta)

(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: Mon, July 09 2018. 19:35 IST
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