Traders work on the floor of the New York Stock Exchange (NYSE) in New York, US. -Reuters
US stocks rose slightly, putting the S&P 500 at its highest closing level in more than five months, as gains in industrials and other areas offset a drop in financials after results from three of the big banks mostly disappointed.
The industrial sector gained 0.6 percent, with Boeing Co, Caterpillar Inc and 3M Co all rose in the absence of any trade rhetoric overnight.
Investors were optimistic ahead of what is expected to be a strong second-quarter U.S. earnings season, although reports on Friday from three of the biggest Wall Street banks failed to enthuse.
"In spite of the disappointment from the financials, which have been and continue to be a laggard ... there's still relative strength," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
Earnings "expectations are certainly elevated from where they were a month ago, but if companies do deliver in general, the market as a whole will continue to move higher," he said. Citigroup Inc slid 2.2 percent, the most among financials, after its revenue fell short of estimates due to lower debt underwriting.
---Reuters, New York
Latest News