US: Stocks rise as market awaits tech results
WALL Street stocks climbed on Monday at the start of a heavy week of earnings and economic data, while markets also monitor the finale of the US presidential campaign.
Analysts pointed to a pullback in oil prices as supportive of equities even though US Treasury yields pushed higher.
“It’s just a continuation of good economic news,” said Kurt Spieler, chief investment officer of FNBO, pointing to broadly higher earnings so far and expectations for additional easing of US monetary policy.
The Dow Jones Industrial Average finished up 0.7 per cent at 42,387.57.
The broad-based S&P 500 gained 0.3 per cent to 4,823.52, while the tech-rich Nasdaq Composite Index also advanced 0.3 per cent to 18,567.78.
Markets are eyeing the earnings reports of major tech companies this week including Apple, Amazon and Facebook-parent Meta.
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Others reporting results include McDonald’s, ExxonMobil and Pfizer.
The US government will also be releasing its third quarter GDP growth estimate this week, as well as its monthly labour market report - closely watched for its bearing on the central bank’s interest rate policy.
Among individual companies, aviation giant Boeing, which announced a stock offering that is expected to raise up to US$19 billion, saw its shares slide 2.8 per cent.
Boeing last week reported a major quarterly loss and has been reeling from a workers’ strike. AFP
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