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Overnight Markets: US stocks rise on earnings optimism

Overnight Markets: US stocks rise on earnings optimism

US stocks rose for the fourth day in a row on Tuesday, with the S&P 500 closing at a more than five-month high, as strong results from Pepsi helped household goods companies amid waning trade war fears.

The Dow Jones Industrial Average added 143 points, or 0.58%, to 24,920, the S&P 500 gained 10 points, or 0.35%, to 2,794, and the Nasdaq Composite added three points, or 0.04%, to 7,759.

Shares gained supported by the optimism on US company earnings and expectations that global economic growth can withstand trade tensions.

Investors snapped up consumer staples and utilities shares. However, financial stocks turned south ahead of big bank earnings later this week. JP Morgan fell 0.62%, Citigroup shed 1.03% and Wells Fargo was down 0.26%.

PepsiCo shares climbed more than 5% after the soft drinks maker reported quarterly results that topped estimates on strong sales of snacks.

Home improvement chain Lowe’s climbed 2.1% after the company said its chief operating officer and several other executives are leaving.

J.M. Smucker fell 1.6% after it said would sell its US baking business, including Pillsbury.

Oil rose on supply concerns in Norway and Libya, though gains were tempered by the US’ indication that it would consider requests for waivers from Iranian oil sanctions. The gains helped drive energy shares higher on Wall Street.

In Asia, shares declined on Wednesday in morning session following the release of a list of an additional $200 billion in Chinese goods on which the US is considering imposing tariffs.

In Japan, the Nikkei 225 fell 1.57%. Across the strait, the Kospi declined 1%. In Australia, the S&P/ASX 200 fell 0.65%. In Greater China, Hong Kong’s Hang Seng Index was trading 1.64% lower, while on the mainland the Shanghai Composite Index shed 1.52%.

 

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