Wall Street gains on earnings optimism, waning Syria jitters
U.S. stocks climbed on Thursday as investors anticipated a strong earnings season and as U.S. President Donald Trump`s suggestion that a military strike on Syria may not be imminent ratcheted down geopolitical worries.
The S&P 500 has now recouped nearly all its losses from earlier this year.
Trump said in a tweet on Thursday that a possible attack on Syria could occur "very soon or not so soon at all," easing fears of confrontation with Russia.
That lifted U.S. Treasury yields
The technology sector <.splrct> rose 1.3 percent, adding the most gains to the S&P.
"We`re hearing less talk of firing missiles and less talk of trade war," said Michael Antonelli, managing director of institutional sales trading at Robert W. Baird in Milwaukee. "Earnings are coming up and expectations are high."
Strong quarterly results from BlackRock Inc
Delta topped profit estimates, sending its shares 2.9 percent higher and boosting other airline stocks.
BlackRock 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 JPMorgan Chase & Co
Analysts expect quarterly profit for S&P 500 companies to rise 18.4 percent from a year ago, in what would be the biggest gain in seven years, according to Thomson Reuters I/B/E/S.
"People are looking forward to earnings season," said Tracie McMillion, head of global asset allocation strategy at Wells Fargo Investment Institute in Winston-Salem, North Carolina. "Market participants are not wanting to miss out if (earnings are) as good as the forecasts say they will be."
The Dow Jones Industrial Average <.dji> rose 293.6 points, or 1.21 percent, to 24,483.05, the S&P 500 <.spx> gained 21.8 points, or 0.83 percent, to 2,663.99, and the Nasdaq Composite <.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.
Bed Bath & Beyond Inc
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.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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