By April Joyner
NEW YORK (Reuters) - Wall Street's major indexes rose on Wednesday after U.S. President Donald Trump said he hoped to reach a trade deal with Europe as he met with European Commission President Jean-Claude Juncker.
The S&P 500, the Nasdaq and the Dow all hit session highs as both Trump and Juncker struck a conciliatory tone on trade in their statements to reporters.
The Dow, which had been weighed by Boeing Inc's
The S&P and the Nasdaq were boosted by gains in the technology sector. Shares of Facebook Inc
Investors noted that strong corporate earnings have helped prop up U.S. stocks despite ongoing concerns about tariffs raising companies' costs and cutting into their profits.
Of the 148 S&P 500 companies that have reported earnings so far, 85.8 percent have topped analyst expectations. If the beat rate holds, it will be the highest on record, dating back to the first quarter of 1994, according to Thomson Reuters I/B/E/S.
"In a nutshell, the market is continuing to be dominated by trade and earnings," said Leo Grohowski, chief investment officer of BNY Mellon Wealth Management in New York. "Those are the two big issues."
The Dow Jones Industrial Average <.DJI> rose 11.22 points, or 0.04 percent, to 25,253.16, the S&P 500 <.SPX> gained 12.46 points, or 0.44 percent, to 2,832.86 and the Nasdaq Composite <.IXIC> added 58.36 points, or 0.74 percent, to 7,899.13.
Shares of HCA Healthcare Inc
However, General Motors Co
Shares of AT&T Inc
NXP Semiconductors NV
Advancing issues outnumbered declining ones on the NYSE by a 1.32-to-1 ratio; on Nasdaq, a 1.15-to-1 ratio favoured advancers.
The S&P 500 posted 32 new 52-week highs and seven new lows; the Nasdaq Composite recorded 59 new highs and 75 new lows.
(Reporting by April Joyner; Additional reporting by Amy Caren Daniel in Bengaluru; Editing by Sriraj Kalluvila and Shounak Dasgupta)
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Updated Date: Jul 26, 2018 02:05 AM