Stocks rise after strong earnings
Stocks rose Monday, with the S&P 500 approaching its January all-time high, after a wave of strong earnings reports from companies including Tyson Foods. The dollar edged higher, and Treasury yields fell.
Here’s the scoreboard:
Dow Jones industrial average: 25,502.72 +40.14 (+0.16%)
S&P 500: 2,850.16 +9.81 (+0.35%)
Nasdaq Composite : 7,857.03 45.02 (+0.58%)
- US sanctions against Iran are snapping back into place. The economic penalties — which were reimposed as part of President Donald Trump’s decision in May to withdraw the US from the Iran nuclear deal — affect a range of economic sectors including cars and metals. A second round of sanctions, which would cut Iranian oil exports to zero, is set to take effect in November.
- Turkey could lose duty-free access to US markets. After a tense week between the NATO allies, the Trump administration said it was reviewing a program that reduced tariffs on $1.7 billion worth of Turkish imports to the US last year. The move sent the lira, which has already been in freefall, to a record low against the euro.
- Facebook is reportedly going after its users’ financial data. The Wall Street Journal reported the social media giant asked several major banks for customer financial data, including card transactions and checking-account balances, as part of a plan to offer its users new services. Shares of the company jumped 3.5% following the news.
- Earnings season rolls on. Boosted by a booming economy and a rebound in insurance underwriting, Warren Buffet’s Berkshire Hathaway posted a 67% surge in quarterly operating profit over the weekend. Shares of the company rose more than 2% on Monday.
And a look at the upcoming economic calendar:
- Snap and Disney report earnings.
- The Reserve Bank of Australia announces rate decisions.
- The Mortgage Bankers Association reports US mortgage delinquencies.
- China releases trade balance numbers.
Read the full article from it’s original source: http://uk.businessinsider.com/stocks-rise-after-strong-earnings-2018-8