Economic news

U.S. stocks rise on strong earnings, trade hopes

Wall Street opened in positve territory on Tuesday, buoyed by some solid corporate results and expectations that the upcoming trade negotiations between the U.S. and China would help ease tensions between the two powers.

Photo: Reuters

The Dow Jones Industrial Average ticked up 0.11 percent to 25,786.99. The S&P 500 was up 0.16 percent, at 2,861.51. The Nasdaq Composite added 0.24 percent, to 7,840.09.

With the second-quarter financial results already known and no fresh economic figures in focus, traders are shifting their attention to minutes from the central bank’s latest meeting due on Wednesday.

Banking sector advanced. JPMorgan Chase & Co, Bank of America, Citigroup and Morgan Stanley rose between 0.6 percent and 1 percent.

Retailer TJX gained 4.5 percent, the most among the S&P firms, after reporting quarterly comparable-store sales above estimates and upgrading its full-year earnings outlook.

Coty led the decline, falling 10.1 percent after the beauty products maker posted weak sales for the first time in six quarters.

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