BUSINESS US stocks rally amid strong earnings, trade hopes

BUSINESS

US stocks rally amid strong earnings, trade hopes

Xinhua

07:52, October 29, 2019

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Trader Craig Esposito works on the floor of the New York Stock Exchange, Monday, Oct. 28, 2019. (Photo: AP)

NEW YORK, Oct. 28 (Xinhua) -- US equities finished higher on Monday, boosted by strong corporate earnings and positive signs concerning global trade.

The Dow Jones Industrial Average increased 132.66 points, or 0.49 percent, to 27,090.72. The S&P 500 rose 16.87 points, or 0.56 percent, to 3,039.42. The Nasdaq Composite Index advanced 82.87 points, or 1.01 percent, to 8,325.99.

Seven of the 11 primary S&P 500 sectors gained, with technology and communication services up 1.26 percent and 1.17 percent, respectively, outpacing the rest. Both utilities and real estate slid more than 1 percent, leading the laggards.

Wall Street was encouraged by a wave of better-than-expected earnings report released recently. Of the S&P 500 companies that reported so far, about 78 percent have topped analyst expectations, according to data from FactSet.

The US Federal Reserve is scheduled to hold a key policy meeting later this week. Market expectations for further rate cuts are high amid a slowing economy.

The minutes of the Fed's September monetary policy meeting showed that there was a growing concern about trade tensions among Fed officials. The central bank also highlighted the impact of trade tensions on the outlook for the US economy.


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