Despite a shaky time in the tech sector lately, US equities finished July on a high note.
The Dow Jones Industrial Average added 108 points to 25415 Tuesday on strong earnings from Pfizer Inc (NYSE:PFE), while Illumina Inc's (NASDAQ:ALMN) results lifted both the tech-heavy Nasdaq and benchmark S&P 500.
Meanwhile, investors await earnings from tech behemoth Apple Inc (NASAQ:AAPL) after the bell.
In Toronto, the TSX pushed about 86 points higher to close at 16,431.
12.50pm: Wall Street higher at mid-session as global equity markets rally and investors come back to risk
Wall Street shares were higher at mid-session as global equities rallied and worries eased over a trade war between China and the US.
The Dow Jones Industrial Average was up around 180 points at 25,487 led by 3M Company (NYSE:MMM), which added 3.39% to US$212.0.
Caterpillar Inc (NYSE:CAT) was also a notable gainer, up 3.23% to US$144.29 as it continues to bask in its record second quarter numbers.
The broader-based S&P 500 is up around 19 at 2,822, while the tech heavy Nasdaq is ahead by nearly 66 points at 7,695.
Illumina (NASDAQ:ILMN) was a notable riser on the S&P, up 9.60% to stand at US$317.02 after it delivered an earnings beat.
In Toronto, the TSX is up over 51 points to stand at 16,397.
Earlier in London, FTSE 100 closed up almost 48 points at 7,748, boosted by resource stocks due to reports that the US and China want to restart talks to avert a trade war.
10.06am: US benchmarks start the day on a positive note as trade war fears ease
It was a good morning for the US benchmarks. All the major indices were on the rise following reports that the US and China will hold talks in an attempt to prevent a trade war.
The Dow Jones Industrial Average was up around 90 points. 3M Company (NYSE:MMM) was one of the top gainers, up more than 2.5% to US$210.44.
The tech-heavy Nasdaq jumped a little more than 20 points. KLA-Tencor Corp (NASDAQ:KLAC) surged nearly 12% to US$118.96 in morning trading following a fourth-quarter earnings beat and a strong outlook.
The S&P 500 saw a 10-point jump following the opening bell.
The Russell 2000 was up slightly. Medpace Holdings Inc (NASDAQ:MEDP) and Heidrick & Struggles International Inc (NASDAQ:HSII) were two of the top gainers on the small-cap index.
Up north, the TSX fell less than 10 points. Growth data is expected to show that the economy grew at a higher pace in May compared with April.
Pfizer Inc (NYSE:PFE) and The Procter & Gamble Company (NYSE:PG) reported their quarterly results before the opening bell.
Consumer confidence, a measure of Americans’ sentiment on the current economic conditions, surpassed analyst expectations, hitting 127.4 in July compared with the estimated 126.5.