S&P 500, Dow gain on upbeat earnings reports; Facebook pressures Nasdaq
By Shreyashi Sanyal and Arjun Panchadar (Reuters) - The S&P 500 and Dow Jones indexes rose on Tuesday, as upbeat earnings reports eased concerns over the fallout from the fragile U.S.-China trade relationship, but Facebook pressured Nasdaq after the company was hit with an expanded New York-led probe. The benchmark S&P 500 index still hovered above 3,000 points, and was within striking distance of a record high hit in July, with Biogen Inc's 31% surge fuelling the index
By Shreyashi Sanyal and Arjun Panchadar
(Reuters) - The S&P 500 and Dow Jones indexes rose on Tuesday, as upbeat earnings reports eased concerns over the fallout from the fragile U.S.-China trade relationship, but Facebook pressured Nasdaq after the company was hit with an expanded New York-led probe.
The benchmark S&P 500 index still hovered above 3,000 points, and was within striking distance of a record high hit in July, with Biogen Inc's
"I think the fact that we are encroaching on record territory in the face of all these issues speaks to the resilience of the domestic economy and more importantly the companies in the U.S.," said Mike Loewengart, vice president, investment strategy at E*TRADE Financial Corp.
Strong corporate earnings since last week have provided some respite to equity markets, which were rattled over the past few months by geopolitical worries and a slowing global economy.
Of the 98 S&P 500 companies that have reported results so far, over 80% of them beat Street estimates, according to data from Refinitiv. Still, analysts project the first earnings contraction since 2016.
Procter & Gamble Co
But shares of McDonald's Corp
The threat of tariffs on toys imported from China hit toymaker Hasbro Inc's
At 12:48 p.m. ET, the Dow Jones Industrial Average <.DJI> was up 94.44 points, or 0.35%, at 26,922.08, while the S&P 500 <.SPX> rose 6.80 points, or 0.23%, at 3,013.52.
The Nasdaq Composite <.IXIC> was down 6.03 points, or 0.07%, at 8,156.96.
Energy stocks <.SPNY> jumped 2%, clocking the biggest gain among S&P 500 sectors, with oil majors Exxon Mobil Corp
Data showed U.S. home sales fell more than expected in September as the market struggles with a dearth of properties for sale, especially for cheaper homes.
Advancing issues outnumbered decliners by a 2.02-to-1 ratio on the NYSE and by a 1.23-to-1 ratio on the Nasdaq.
The S&P index recorded 40 new 52-week highs and two new lows, while the Nasdaq recorded 68 new highs and 60 new lows.
(Reporting by Shreyashi Sanyal and Arjun Panchadar in Bengaluru; Editing by Arun Koyyur and Bernard Orr)
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By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
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