Breaking News
0

Wall Street gains as conflict fears ease, earnings optimism rises

Stock MarketsApr 12, 2018 01:33PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York

By Sruthi Shankar

(Reuters) - Technology and financial stocks led a rally on Wall Street on Thursday as President Donald Trump toned down his views on attacking Syria and investors focused on what could be the strongest earnings reporting season in seven years.

Trump said a possible attack on Syria may not be imminent, easing fears of confrontation with Russia.

That lifted U.S. Treasury yields, leading to a nearly 2 percent increase in the financial sector (SPSY).

"In the past few days, some of the worries that market was fretting about – trade wars, Facebook, missile attacks – all of those have things have been walked back a little bit," said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird in Milwaukee.

BlackRock (N:BLK) gained 2.8 percent after the asset manager's profit rose more than expected. Reports from JPMorgan (N:JPM), Citigroup (N:C) and Wells Fargo (N:WFC) will kick off the earnings season in earnest on Friday.

Analysts expect quarterly profit for S&P 500 companies to rise 18.5 percent from a year ago, the biggest gain in seven years, according to Thomson Reuters I/B/E/S.

"The market is finally starting to build on itself, earnings are coming. This is the real risk-on type of rally," Antonelli said.

At 12:53 p.m. ET, the Dow Jones Industrial Average (DJI) was up 1.52 percent at 24,556.29. The S&P 500 (SPX) gained 1.12 percent to 2,671.73 and the Nasdaq Composite (IXIC) rose 1.23 percent to 7,156.18.

Treasury yields and investor sentiment were also boosted by an upbeat U.S. initial jobless claims report that pointed to sustained labor market strength.

Eight S&P sectors were higher, with the technology sector's (SPLRCT) 1.6 percent gain giving the biggest boost to the market.

One notable laggard among techs was Facebook (O:FB). Its shares fell 1 percent following a 5.3 percent gain in the past two days when Chief Executive Mark Zuckerberg testified before Congress on the data privacy scandal.

Delta Air Lines (N:DAL) reported quarterly results that topped estimates in several key metrics, sending its shares 2.84 percent higher and also boosting other airline stocks.

Bed Bath & Beyond (O:BBBY) shares dived more than 18 percent after the company's full-year profit forecast missed estimates.

Advancing issues outnumbered decliners on the NYSE for a 1.50-to-1 ratio and on the Nasdaq, for a 2.17-to-1 ratio.

Wall Street gains as conflict fears ease, earnings optimism rises
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email