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Wall Street gains on earnings optimism, waning Syria jitters

Reuters  |  NEW YORK 

By April Joyner

(Reuters) - U.S. stocks climbed on Thursday as investors anticipated a strong earnings season and as U.S. Donald Trump's suggestion that a military strike on may not be imminent ratcheted down geopolitical worries.

The 500 has now recouped nearly all its losses from earlier this year.

Trump said in a tweet on Thursday that a possible attack on could occur "very soon or not so soon at all," easing fears of confrontation with

That lifted yields , leading to a 1.8 percent increase in financial stocks <.SPSY>, which had the biggest percentage advance among the S&P's 11 major sectors.

The rose 1.3 percent, adding the most gains to the

"We're hearing less talk of firing missiles and less talk of trade war," said Michael Antonelli, at in "Earnings are coming up and expectations are high."

Strong quarterly results from Inc and added to the sanguine mood.

Delta topped profit estimates, sending its shares 2.9 percent higher and boosting other

gained 1.5 percent after the asset manager's quarterly profit rose more than expected.

The earnings season begins in earnest on Friday with reports from , and & Co .

Analysts expect quarterly profit for 500 companies to rise 18.4 percent from a year ago, in what would be the biggest gain in seven years, according to I/B/E/S.

"People are looking forward to earnings season," said Tracie McMillion, at Investment Institute in Winston-Salem, "Market participants are not wanting to miss out if (earnings are) as good as the forecasts say they will be."

The <.DJI> rose 293.6 points, or 1.21 percent, to 24,483.05, the <.SPX> gained 21.8 points, or 0.83 percent, to 2,663.99, and the <.IXIC> added 71.22 points, or 1.01 percent, to 7,140.25.

Investor sentiment was also boosted by the weekly U.S. initial jobless claims report, which pointed to sustained labour market strength.

was a notable laggard among technology stocks, falling 1.5 percent following a 5.3 percent gain over the past two days when testified before on the social network's data security.

shares dived 20.0 percent after the company's full-year profit forecast missed estimates.

Advancing issues outnumbered decliners on the NYSE for a 1.20-to-1 ratio and on the Nasdaq, for a 1.84-to-1 ratio.

Volume on U.S. exchanges was 6.12 billion shares, compared to the 7.27 billion average for the full session over the last 20 trading days.

(Additional reporting by in Bengaluru and Chuck Mikolajczak in New York; Editing by and Leslie Adler)

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

First Published: Fri, April 13 2018. 02:28 IST
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