US stocks gain on new Brexit deal

• Investors have feared a no-deal Brexit could significantly dent global growth.
• The broad-based S&P 500 gained 0.6 percent to 3,007.89, while the tech-rich Nasdaq Composite Index advanced 0.7 percent to 8,182.68.

NEW YORK: Wall Street stocks rose early Thursday after Britain and the European announced a new Brexit agreement, while earnings reports boosted Netflix and pummelled IBM.

Analysts welcomed news that British Prime Minister Boris Johnson reached agreement with European Union leaders on a divorce deal that amends the prior agreement's provisions on the border between Northern Ireland and Ireland.

Equity investors shrugged off early signs of resistance in the British parliament due to criticism from key conservative lawmakers in Northern Ireland.

Investors have feared a no-deal Brexit could significantly dent global growth.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 27,102.36, up 0.4 percent.

The broad-based S&P 500 gained 0.6 percent to 3,007.89, while the tech-rich Nasdaq Composite Index advanced 0.7 percent to 8,182.68.

Besides Brexit and developments in the grinding US-China trade war, investors have been focused on corporate earnings this week.

The latest batch of results were mixed, with IBM diving 5.8 percent after reporting a four percent drop in revenues to $18.0 billion.

But Netflix jumped 4.8 percent as it reported a 65 percent increase in quarterly profits to $665 million and executives expressed confidence despite increased competition from Disney, Apple and others in video streaming.

Among other companies reporting results, Alcoa surged 12.2 percent, Honeywell International gained 2.8 percent and Union Pacific dropped 1.5 percent.