US stocks rise to open heavy week of earnings
- S&P 500 gained 0.7% while Nasdaq Composite Index jumped 1.1%
NEW YORK: Wall Street stocks advanced early Monday, opening a heavy week of earnings as markets monitored the latest fighting in the ongoing US-Iran conflict.
This week’s earnings calendar includes reports from Google parent Alphabet, Tesla and General Motors. Companies in the S&P 500 are expected to show nearly 25 percent earnings growth, according to FactSet.
“The earnings expectations are certainly higher than they were in the first quarter,” said Art Hogan of B. Riley Wealth Management, adding that significantly topping estimates will be more challenging.
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.3 percent at 52,281.20.
The broad-based S&P 500 gained 0.7 percent to 7,508.48, while the tech-rich Nasdaq Composite Index jumped 1.1 percent to 25,788.72.
US gasoline prices rose back above $4, according to a national average published by the American Automobile Association.
The jump reflects increased fighting between the United States and Iran.
Iran’s president described the country as in a “full-scale war” with the United States after state media and local authorities reported US strikes on Monday in the north and center of the country.
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