Wall Street enters third day of gains as trade fears ease

11 Juillet, 2018, 07:04 | Auteur: Auguste Feret
  • Wall Street enters third day of gains as trade fears ease

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

Industrial, energy and consumer discretionary shares also rose sharply, while S&P utilities and telecommunications - among the market's recent outperformers - led percentage declines.

The S&P banks index climbed 2.7 percent, registering its biggest daily percentage gain since March 26. The S&P 500 gained 9.67 points, or 0.35 percent, to 2,793.84.

JPMorgan, Wells Fargo and Citigroup are scheduled to report results on Friday, kicking off the second-quarter earnings season in earnest.

Earnings for the second quarter are projected to rise 20 per cent or more compared with the year-ago period, thanks to a strong United States economy and the boon from last year's massive corporate tax cuts.

The United States and China engaged in tit-for-tat tariffs on Friday, both countries imposing duties worth $34 billion on each others' goods.

A Bank of America Merrill Lynch Global Research report showed earnings per share for S&P 500 companies for 2018 was revised higher amid better-than-expected first-quarter results, higher oil prices and stronger-than-expected US economic growth.

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Caterpillar rose 3.8 percent, providing the biggest boost to the Dow.

"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 Dow Jones Industrial Average rose 314.81 points, or 1.29 percent, to 24,771.29, the S&P 500 gained 21.07 points, or 0.76 percent, to 2,780.89 and the Nasdaq Composite added 50.40 points, or 0.66 percent, to 7,738.79.

Overall, S&P 500 companies are expected to post second-quarter profit growth of around 21 percent, slightly higher than what was forecast in April, according to Thomson Reuters data.

Twitter Inc sank after the Washington Post reported the social media company suspended more than 70 million fake accounts in May and June, which analysts said could be negative for user growth, but it pared losses after its CFO tweeted that most accounts Twitter removes are not included in reported metrics. The stock ended down 5.4 percent.

Advancing issues outnumbered declining ones on the NYSE by a 1.77-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favored advancers.

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

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