New York: Wall Street stocks rose in opening trading on Monday, again overlooking trade war fears, as investors looked ahead to key inflation and earnings releases later in the week.
About 10 minutes into trading, the Dow Jones Industrial Average was up 0.8 percent to 24,651.23.
The broad-based S&P 500 gained 0.6 percent to 2,775.38, while the tech-rich Nasdaq Composite Index also advanced 0.6 percent to 7,731.51.
Analysts said investor sentiment remained strong after Friday’s solid US jobs data reaffirmed the market’s confidence in the US economy.
The stock gains in the latter part of last week also suggested less unease over various US trade fights with key countries, including China, the European Union, Canada and Mexico.
Many analysts believe the market could be in for more volatility due to trade. But for the moment investors are looking the other way.
“There wasn’t any thawing of trade relations over the weekend,” said Briefing.com analyst Patrick O’Hare, who also noted difficulties between the US and North Korea and in Britain’s efforts to navigate out of the European Union.
“In other words, it’s not all rainbows and unicorns out there, yet the stock market is maintaining a stiff upper lip and refuses to get knocked down by a few jabs here and there.”
The June reading on US consumer prices will be released on Thursday, while financial heavyweights JPMorgan Chase, Citigroup and Wells Fargo all report second-quarter results on Friday.
AFP