AFP, New York :
Wall Street stocks rallied Tuesday following a batch of mostly good earnings and as reports that face-to-face US-China talks will be held next week lifted hopes of a trade agreement.
A broad range of companies from across the economy enjoyed strong gains after reporting results, reassuring investors who had been worried about a possible earnings “recession.”
Analysts also pointed to news reports that US Trade Representative Robert Lighthizer will lead a delegation to China next week to resume negotiations.
The Dow Jones Industrial Average finished at 27,349.19, up 0.7 percent and only about 10 points away from a fresh record.
The broad-based S&P 500 also gained 0.7 percent to end at 3,005.47, while the tech-rich Nasdaq Composite Index climbed 0.6 percent to close at 8,251.40.
The latest barrage of earnings released Tuesday bolstered confidence that “the economy is not as weak as some had estimated,” said Karl Haeling of LBBW. “We have enough of a sample size of corporate reports.”
Analysts say expectations the Federal Reserve will cut interest rates also are boosting stocks, while worries about a “hard” Brexit under newly-picked Prime Minister Boris Johnson was seen as a possible headwind.
Wall Street stocks rallied Tuesday following a batch of mostly good earnings and as reports that face-to-face US-China talks will be held next week lifted hopes of a trade agreement.
A broad range of companies from across the economy enjoyed strong gains after reporting results, reassuring investors who had been worried about a possible earnings “recession.”
Analysts also pointed to news reports that US Trade Representative Robert Lighthizer will lead a delegation to China next week to resume negotiations.
The Dow Jones Industrial Average finished at 27,349.19, up 0.7 percent and only about 10 points away from a fresh record.
The broad-based S&P 500 also gained 0.7 percent to end at 3,005.47, while the tech-rich Nasdaq Composite Index climbed 0.6 percent to close at 8,251.40.
The latest barrage of earnings released Tuesday bolstered confidence that “the economy is not as weak as some had estimated,” said Karl Haeling of LBBW. “We have enough of a sample size of corporate reports.”
Analysts say expectations the Federal Reserve will cut interest rates also are boosting stocks, while worries about a “hard” Brexit under newly-picked Prime Minister Boris Johnson was seen as a possible headwind.
