S&P, Dow rise as Alphabet results boost earnings optimism
By April Joyner NEW YORK (Reuters) - The S&P 500 and Dow Industrials rose on Tuesday as Alphabet's blowout results bolstered expectations of a robust earnings season, though a decline in the Nasdaq pointed to lingering concerns over trade tensions.
By April Joyner
NEW YORK (Reuters) - The S&P 500 and Dow Industrials rose on Tuesday as Alphabet's blowout results bolstered expectations of a robust earnings season, though a decline in the Nasdaq pointed to lingering concerns over trade tensions.
Earlier in the session, the benchmark S&P 500 index touched its highest level since Feb. 1.
Google's parent company was the biggest boost to the S&P 500. Others in the so-called FANG group of momentum stocks rose as well. Shares of Facebook Inc
"Today, it's an earnings story, pure and simple," said Jim Awad, senior managing director at Hartland & Co in New York. "It's been a very good second quarter."
The Dow Jones Industrial Average <.DJI> rose 162.36 points, or 0.65 percent, to 25,206.65, while the S&P 500 <.SPX> gained 9.65 points, or 0.34 percent, to 2,816.63.
The Nasdaq Composite <.IXIC> dropped 6.70 points, or 0.09 percent, to 7,835.17. It reversed course after having hit a record high earlier in the session.
So far in 2018, the Nasdaq has climbed more than 13 percent, more than twice the year-to-date percentage gain of the S&P 500. Some investors said the Nasdaq's reversal indicated some profit-taking driven by lingering concerns over trade issues. Earlier on Tuesday, U.S. President Donald Trump extolled tariffs in a post on Twitter.
"It leads me to believe that underneath it all, investors are worried about the tariff situation and what the implications are going to be for corporate profits in the third quarter," Awad said. "If you're looking to raise cash because you're uncertain, you take it where you have the biggest profits."
Agriculture-related stocks gained on news that the Trump administration plans to announce aid for U.S. farmers to help protect them from potential impacts related to trade spats between the United States and its trade partners.
Deere & Co
Shares of Biogen Inc
Declining issues outnumbered advancing ones on the NYSE by a 1.08-to-1 ratio; on Nasdaq, a 2.01-to-1 ratio favoured decliners.
The S&P 500 posted 32 new 52-week highs and four new lows; the Nasdaq Composite recorded 115 new highs and 58 new lows.
(Reporting by April Joyner; Additional reporting by Amy Caren Daniel in Bengaluru; Editing by Shounak Dasgupta and Susan Thomas)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
By Guy Faulconbridge and Kate Holton LONDON (Reuters) - Rich countries could be back to close to normal by late 2021 if a COVID-19 vaccine works, is ready soon and distributed properly at scale, Microsoft founder Bill Gates said on Tuesday. "By late next year you can have things going back pretty close to normal - that's the best case," Gates, 64, told The Wall Street Journal CEO Council. "We still don't know whether these vaccines will succeed," Gates said.
By Rupam Jain (Reuters) - Taliban and Afghan government-backed negotiators have agreed on a broad code of conduct to advance the intra-Afghan peace talks in Qatar, even as key differences between the two warring sides remain, three official sources told Reuters on Tuesday.
MOSCOW (Reuters) - Russian rights groups on Tuesday called on the authorities to stop using home searches as a tactic to intimidate opponents after a journalist set herself on fire following a police raid of her apartment last week. Irina Slavina, editor-in-chief at a small news outlet in the city of Nizhny Novgorod, self-immolated in front of the local branch of the interior ministry in Nizhny Novgorod last Friday after blaming Russian authorities for her death in a Facebook post