by Caroline Valetkevitch
NEW YORK (Reuters) – The New York Stock Exchange ended higher on Tuesday, on the back of financial sector gains, as investors kept in mind U.S. inflation data and early results quarterly reports expected later this week.
The Dow Jones Industrial Average gained 0.93%, or 317.02 points, to 34,261.42 points.
The broader S&P-500 gained 29.73 points, or 0.67%, to 4,439.26 points.
The Nasdaq Composite advanced for its part by 75.22 points (0.55%) to 13,760.70 points.
Investors expect in the report on consumer prices in the United States, scheduled for Wednesday, and that on producer prices, scheduled for Thursday, clues on the curve of inflationary pressures.
This data could serve as an indication of the monetary policy of the Federal Reserve (Fed), which will meet at the end of the month. Many traders expect the US central bank to hike rates by 25 basis points, after pausing in June.
As several major U.S. banks, including JPMorgan Chase, will unofficially kick off quarterly earnings season this week, with revenue expected to rise, the S&P-500 banking index rose 1. 5%.
JPMorgan Chase rose 1.6% after Jefferies raised its recommendation for the bank to “buy”.
“It’s good to see the market expand ahead of earnings,” said Tim Ghriskey, strategist at Ingalls & Snyder in New York.
“A lot of data is expected, and the results are coming in. Expectations for the third quarter are also a concern, in terms of any prospects that the companies may share during the conference calls for their results,” he said. .
Among the movements of values to note, the publisher of video games Activision Blizzard jumped 10% after a Californian judge approved the proposed takeover by Microsoft.
Salesforce ended up 3.9% following an announcement to raise some of its cloud computing and marketing services, the first in seven years.
Amazon took 1.3% as the ‘Prime Days’ began, days of promotions on the e-commerce giant’s platform.
(French version Jean Terzian)
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