Wall Street enters third day of gains as trade fears ease

11 Julio, 2018, 07:08 | Author: Arnold Perez
  • Dow, S&P 500 post best days in more than a month; banks lead gains

Bank stocks were the biggest gainers, with the S&P banks index rising 2.3 percent, on track for its biggest percentage gain in over three months.

Recent upbeat news on the economy as well as earnings have helped to offset worries about escalating trade tensions between the United States and China. The two countries slapped tit-for-tat tariffs on $34 billion of each other's goods on Friday.

"It's not an inconsequential move", said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco, of the decline in futures.

The Dow Jones Industrial Average rose 320.11 points, or 1.31 percent, to 24,776.59, the S&P 500 gained 24.35 points, or 0.88 percent, to 2,784.17 and the Nasdaq Composite added 67.81 points, or 0.88 percent, to 7,756.20.

Helping to boost the Dow, Caterpillar Inc rose 4.1 percent. It is now up 4.5 percent since the end of 2017 and is less than 3 percent from its January 26 record high.

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

All eyes will turn to second-quarter earnings reports, with banks JPMorgan, Wells Fargo and Citigroup scheduled to report on Friday. Their shares dipped on Tuesday after leading market gains on Monday.

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PepsiCo's shares surged after the company's quarterly results topped estimates on strong sales of snacks. The company also reaffirmed its full-year forecast amid signs of a gradual recovery in its soda business.

USA analysts' estimates for S&P 500 second-quarter profit growth have risen slightly since April, putting the latest forecast at around 21 percent, according to Thomson Reuters data.

"Once we get past these talks, which we view as a negotiating tactic by the Trump administration, this sector will jump", she said on a conference call previewing earnings. The S&P energy index rose 0.7 percent as crude oil prices gained on growing supply disruptions in Norway and Libya, but gains were pared after the United States said it would consider requests for waivers from Iranian oil sanctions.

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

USA -listed shares of Chinese companies Alibaba, JD.com and Baidu climbed after KeyBanc recommendations on the stocks.

The S&P 500 posted 21 new 52-week highs and no new lows; the Nasdaq Composite recorded 142 new highs and 30 new lows. That compares with the 7 billion daily average for the past 20 trading days, according to Thomson Reuters data.

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