By Sruthi Shankar
(Reuters) - U.S. stock indexes hit fresh record highs on Monday on optimism about the imminent signing of a preliminary U.S.-China trade deal as well as the start of the fourth-quarter corporate earnings season.
Google-owner Alphabet Inc
An easing of Middle East tensions and the Phase 1 U.S.-China trade agreement, which is expected to be signed in Washington on Wednesday, have encouraged riskier bets over the last week.
Adding to the positive mood, Bloomberg reported, citing sources that the Trump administration planned to lift its designation of China as a currency manipulator.
Investors are awaiting earnings from big banks JPMorgan Chase & Co
"It's one of those days when we're setting up for that shift from macro to micro," said Art Hogan, chief market strategist at National Securities in New York.
"My guess is that it (bank earnings) is going to be more good news than bad news and a lot of that is driven by the kick up in demand across the board whether it's demand from consumers or corporates."
Analysts expect profits at S&P 500 companies to drop 0.6% for a second consecutive quarter, according to Refinitiv IBES data.
At 12:33 p.m. ET, the Dow Jones Industrial Average <.DJI> was up 80.44 points, or 0.28%, at 28,904.21, the S&P 500 <.SPX> was up 18.05 points, or 0.55%, at 3,283.40 and the Nasdaq Composite <.IXIC> was up 73.81 points, or 0.80%, at 9,252.67.
Aerospace companies Hexcel Corp
Advancing issues outnumbered decliners for a 2.17-to-1 ratio on the NYSE and a 1.61-to-1 ratio on the Nasdaq.
The S&P index recorded 52 new 52-week highs and one new low, while the Nasdaq recorded 120 new highs and 22 new lows.
(Reporting by Sruthi Shankar and Susan Mathew in Bengaluru; Editing by Arun Koyyur and Shounak Dasgupta)
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Updated Date: Jan 14, 2020 00:08:36 IST