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07-Aug2018

US markets end higher on Monday

The US markets ended higher on Monday, as investors continued to weigh solid earnings against repercussions of retaliatory tariffs from trading partners and their impact on markets. The positive surprises in the earnings season are strong and that's helping the overall sentiment in the market. The biggest take away from this earnings season is that 'tax cuts were clearly a positive for the bottom line but ... the top line has also been good.' Investors came into this earnings season with high hopes, as street had forecast year-over-year profits to grow by 20 percent in the second quarter. So far, second-quarter earnings have grown by 24 percent through Friday. Besides, Technology and consumer discretionary stocks led the gains. Facebook rose on reports that the social media giant is in talks with banks to incorporate users' financial information into Messenger.

However, trade-related worries lingered as the US continued to clash with its global counterparts over tariffs. Last week, China announced tariffs on $60 billion of US products in response to the US' planned 25% tariffs on $200 billion of Chinese imports. On Sunday, President Donald Trump stated that tariffs are working big time.

Dow Jones Industrial Average surged 39.60 points or 0.16 percent to 25502.18, the S&P 500 gained 10.05 points or 0.35 percent to 2850.40 and Nasdaq was up by 47.66 points or 0.61 percent to 7859.68.


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