Wall Street advanced on earnings optimism, Syria worries ebb
New York (Reuters) : On Thursday Wall Street benchmarks bounced higher, determined by gains in technology, financial and industrial stocks as investors hoped that lower U.S. taxes could boost first quarter corporate profits.
Boeing’s 1.8 percent gain was the biggest increase to the Dow, while Microsoft’s 1.7 percent gain and JPMorgan’s 2.3 percent jump helped raise the S&P 500.
The earnings season started with BlackRock Inc (BLK.N), the world’s largest asset manager, reporting quarterly profit above Wall Street estimates. Its shares rose 2.3 percent.
Citigroup, Wells Fargo and Big banks JPMorgan will report quarterly earnings on Friday.
Vice President of trading and derivatives for Charles Schwab in Austin, Texas said, “As long as we continue to be in an interest-rate hiking environment, banks are going to continue to benefit.”
Analysts expect quarterly profit for S&P 500 companies to go up by 18.5 percent from a year ago, the biggest gain in seven years, according to Thomson Reuters.
The S&P 500 .SPX rose 26.45 points, or 1 percent, to 2,668.64 and the Nasdaq Composite .IXIC was at 85.24 points, or 1.21 percent, at 7,154.27.
Fears of rising U.S.-Russia conflict in Syria eased after U.S. President Donald Trump toned down his threats, tweeting “Never said when an attack on Syria would take place. Could be very soon or not so soon at all!”