Markets
DIS

Close Update: Wall Street Heads Higher With Nasdaq Up Fifth Straight Day on Cooling Trade-War Fears

An image of stocks on a display
Credit: Shutterstock photo

Wall Street's major market averages closed cautiously higher on Monday as upbeat corporate results from heavyweights like Berkshire Hathaway (BRK.A/BRK.B) and Tyson Foods ( TSN ) soothed lingering fears of an all-out trade war between the US and China.

Gains were widespread across most S&P 500 sectors with only real estate in the red while positive price action in Facebook ( FB ) and T-Mobile ( TMUS ) offset pressure on biotechs and lifted the Nasdaq into positive turf for a fifth straight day.

Stocks dipped at the open when Wall Street was spooked by harsh rhetoric against US trade policies from Beijing aimed at retaliation against recent trade restrictions. After a lower start, the major US indices recovered as investors shifted focus away from geopolitics and back to a strong earnings season.

With more than 80% of the S&P 500 companies reporting, Goldman Sachs said the season "has been stellar" with sales up 12% and earnings per share rising 24%.

Among the sectors Monday, eight of the 11 groups on the S&P were stronger, with consumer discretionary rising 0.6% in the best increase. Real estate slipped 0.3% in the sharpest decline. Walt Disney ( DIS ) rose 1.6% in the best gain on the Dow Jones Industrial Average ahead of the media giant's earnings due Tuesday. On the downside, IBM ( IBM ) fell 1.2% to lead fewer than a third of the blue chips into the red.

There was no economic data on Monday, but Morgan Stanley lifted its outlook for 2018 US growth to 3% from a previous view of 2.5%, although it cut its view for 2019 to 2% from 2.1%. The investment bank also said it sees four Federal Reserve rate hikes this year and two in 2019.

Here's where the markets stood by the close:

US MARKETS

Dow Jones Industrial Average was up 39.60 points (+0.16%)

S&P 500 was up 10.05 points (+0.35%)

Nasdaq Composite Index was up 47.66 points (+0.61%)

GLOBAL SENTIMENT

FTSE 100 was up 0.06%

Nikkei 225 was down 0.08%

Hang Seng Index was up 0.52%

Shanghai China Composite Index was down 1.26%

UPSIDE MOVERS

(+) HMNY (+19.14%)Gets buy interest from Triton Funds, report says

(+) GSKY (+18.94%) Announces strategic alliance with American Express

(+) NVCN (+18.67%) Results from trial showed that Neovasc Reducer device was "very safe," significantly reduced the severity of angina

(+) SEAS (+16.75%) Q2 profit misses, sales beat views

(+) VTL (+8.64%) William Blair raises to outperform, lifts PT to $35 from $10

DOWNSIDE MOVERS

(-) NWL (-14.36%) Tops Q2 profit estimates, misses on sales

(-) RAD (-10.05%) Trims fiscal 2019 outlook

(-) EMITF (-5.84%) Extends long stop date for agreement to waive rights, interest in the SPV

(-) PX (-3.79%) Linde reportedly considering sales of more US assets to win approval for Praxair merger

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

DIS TMUS FB IBM TSN

Other Topics

Stocks

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More