Stocks rally after Trump touts economy
RNC spokeswoman Kayleigh McEnany, Benchmark Investments managing partner Kevin Kelly, WSJ editorial page writer Jillian Melchior and Dow Jones newswires chief editor Glenn Hall on how President Trump’s tax cuts are helping American workers and how stocks have reacted to the president’s roundtable discussion with Hispanic business leaders.
Stocks futures are adding to Monday’s gains as the earnings docket heats up as four Dow Industrial members report quarterly results.
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Dow Jones futures were rising by 0.59%. The S&P 500 added 0.50% and the Nasdaq Composite was up 0.48%.
U.S. stocks rallied Monday as strong corporate earnings helped investors brush off geopolitical concerns.
Bank of America said profit grew 30% in the first quarter, getting a boost from the U.S. tax law and continued rising interest rates.
The Dow Jones Industrial Average gained 212.90 points, or 0.87%, to 24,573.04. The S&P 500 rose 21.54 points to 2,677.84. The Nasdaq Composite was up 49.64 points at 7,156.29.
Netflix reported earnings after the closing bell. The video streaming company reported subscriber growth that beat estimates.
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Economic data released Monday included retail sales, which increased by 0.6% in March, snapping four months of declines. The Empire State Manufacturing Survey, which monitors manufacturing in New York state, was also released on Monday, and the April reading came in at 15.8 versus the prior 12.5.
The earnings parade continues with Dow components Goldman Sachs, Johnson & Johnson and UnitedHealth reporting before the start of trading. IBM reports following the closing bell.
On the economic calendar, investors will digest the latest on housing starts and building permits.
In global economic news, China’s economy grew at a 6.8% pace in the first quarter of 2018, slightly higher than expected.
China’s Shanghai traded lower by 0.35%.
Hong Kong’s Hang Seng traded flat.
and Japan’s Nikkei ended the day little changed.
Leia Klingel and Matthew Rocco contributed to this article.
