WALL Street stocks powered higher on Monday, shrugging off recent weakness at the start of a heavy week of earnings from technology and industrial companies.
“The markets are breathing a collective sigh of relief that the tensions in the Middle East didn’t escalate,” said Adam Sarhan of 50 Park Investments.
Stocks tumbled on Friday, in part due to selling ahead of the weekend amid fears of a worsening in the Israel-Iran conflict.
The Dow Jones Industrial Average finished up 0.7 per cent at 38,239.98.
The broad-based S&P 500 gained 0.9 per cent to 5,010.60, while the tech-rich Nasdaq Composite Index jumped 1.1 per cent to 15,451.31.
All 11 sectors of the S&P 500 finished in positive territory.
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This week’s earnings calendar includes results from tech titans such as Amazon and Microsoft, as well as from industrial companies including Chevron and General Motors.
Tesla, which also reports this week, fell 3.4 per cent following another round of price cuts – the latest sign of intensifying competition among electric vehicle manufacturers.
Verizon dropped 4.6 per cent as analysts cited worries about a soft demand picture, with net broadband subscriber additions slowing compared with the prior quarter.
Nike slid 0.4 per cent after disclosing to state officials in Oregon that it plans to cut 740 jobs from its headquarters. AFP
