Wall Street rises with earnings in spotlight | Reuters
By Yashaswini Swamynathan U.S. stocks were on track to snap a three-day losing streak on Monday as investors turned their attention to the first-quarter earnings season, while geopolitical concerns took a back seat. The latest earnings season is expected to show whether companies can live up to their lofty valuations, especially after a post-election rally.Profits of S&P 500 companies are estimated to have risen 10.4 percent in the latest quarter, the first double-digit percentage growth since the third quarter of 2014, according to Thomson Reuters I/B/E/S
By Yashaswini Swamynathan
U.S. stocks were on track to snap a three-day losing streak on Monday as investors turned their attention to the first-quarter earnings season, while geopolitical concerns took a back seat. The latest earnings season is expected to show whether companies can live up to their lofty valuations, especially after a post-election rally.Profits of S&P 500 companies are estimated to have risen 10.4 percent in the latest quarter, the first double-digit percentage growth since the third quarter of 2014, according to Thomson Reuters I/B/E/S. The influence of geopolitical risks, which had dominated market sentiment last week, seemed to be waning. President Donald Trump's national security adviser, H.R. McMaster, said on Sunday the United States, its allies and China were working on a range of responses to North Korea's latest failed ballistic missile test. However, McMaster indicated that Trump was not considering military action for now.
"We got in and out of the long weekend without any major news or controversy on the geopolitical front," said Art Hogan, chief market strategist at Wunderlich Equity Capital Markets in New York. "The anticipation of better earnings from the first quarter may shift the momentum in the favor of this market at least in the near-term."At 12:47 p.m. ET (1647 GMT), the Dow Jones Industrial Average was up 112.67 points, or 0.55 percent, at 20,565.92, the S&P 500 was up 12.33 points, or 0.53 percent, at 2,341.28 and the Nasdaq Composite was up 32.46 points, or 0.56 percent, at 5,837.61.
All of the 11 major S&P 500 sectors were higher, led by technology, which was up for the first time in 11 days.Among stocks, Amazon.com was up 1.3 percent at $896.79 after Credit Suisse raised its price target to $1050 from $900. The online retailer's shares also provided the biggest boost to the S&P and the Nasdaq. Credit Suisse also raised its price target on Boeing, sending the aircraft maker's shares up 1.4 percent.
Netflix, which is scheduled to report results after the bell on Monday, was up 2.7 percent at $146.75. Arconic was the biggest percentage gainer on the S&P after Chief Executive Klaus Kleinfeld resigned amid pressure from activist hedge fund Elliott Management. Advancing issues outnumbered decliners on the NYSE by 1,996 to 881. On the Nasdaq, 1,816 issues rose and 960 fell.The S&P 500 index showed seven 52-week highs and no lows, while the Nasdaq recorded 22 highs and 38 lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva)
This story has not been edited by Firstpost staff and is generated by auto-feed.
ATHENS (Reuters) - Greek police used teargas and water cannon to disperse people who had gathered in central Athens on Saturday to protest against mandatory COVID-19 vaccinations. More than 4,000 people rallied outside the Greek parliament for a third time this month to oppose mandatory inoculations for some workers, such as healthcare and nursing staff.
ISTANBUL (Reuters) - Two Turkish soldiers were killed and two were wounded in an attack on their armoured vehicle in northern Syria, and Turkish forces immediately launched retaliatory fire, Turkey's defence ministry said on Saturday. "Our punitive fire against terrorist positions is continuing," the statement on Twitter on said. It did not specify where the attack occurred, but media reports said it was in the al-Bab area.
By Marcelo Rochabrun SAO PAULO (Reuters) - Protesters took to the streets in several Brazilian cities on Saturday to demand the impeachment of far-right President Jair Bolsonaro, whose popularity has fallen in recent weeks amid corruption scandals against the backdrop of the pandemic. This week, news broke that Brazil's defense ministry told congressional leadership that next year's elections would not take place without amending the country's electronic voting system to include a paper trail of each vote. Bolsonaro has suggested several times without evidence that the current system is prone to fraud, allegations that Brazil's government has denied