After a rocky morning, US stocks finished Monday higher as Facebook’s announcement that it would widen its services provided the engine to drive the tech-laden Nasdaq in an upwards direction.
By the closing bell, the Dow Jones Industrial Average index finished 0.16% higher at 25,502.25, pushed up by gains from Walt Disney, DowDuPont, Pfizer and Cisco Systems.
The S&P 500 also enjoyed a relatively strong showing, jumping 10 points to 2,850 as a solid roundup of quarterly reports swept aside concerns about lingering trade tensions between the US and China.
Elsewhere, the tech-laden Nasdaq climbed 47 points to close at 7,860, led by T-Mobile and Facebook, which jumped 4.4% on the news that had asked US banks to divulge financial information about their customers in a bid to offer new services.
The Russell 2000 index of small-cap stocks added 10 points to end at 1,683.
1:10 PM: US stocks bounce back on strong corporate earnings
US stocks bounced back in midday trade as strong corporate earnings continued to surprise on the upside giving investors a spot of relief from the vitrolic US-China trade war rhetoric.
The Dow Jones Industrial Average gained 67.66 points, or 0.27%, to 25,530 led higher by Walt Disney Co, DowDuPont Inc and Goldman Sachs.
The Nasdaq Composite index was up 35 points, or 0.45%, at 7,847.13, led higher T-Mobile US Inc. Shares of the third-largest US wireless carrier soared above 6% after it introduced T-Mobile Essentials, a cheaper alternative to its T-Mobile One plan.
Meanwhile, the S&P 500 gained 11.07 points, or 0.39% led higher by Dish Networks Corp and Jacobs Engineering Group Inc.
The Russell 2000 index of small-cap stocks gained 0.59% to 1,683.29.
10:00 AM: US stocks fail to find footing as trade battles weigh on markets
US stocks got off to a sluggish start on Monday as trade tensions between the US and China hung over the markets and investors digested another batch of quarterly earnings reports.
Early in the session, the Dow Jones Industrial Average index fell 59 points to 25,406, led lower by the chip maker Intel which fell 1.8% after Barclays downgraded the stock to equal weight from overweight, due to its concerns about competition from Advanced Micro Devices.
The S&P 500, meanwhile, clung to the base line to move in a slightly positive direction and add 1.4 points to trade at 2,841.
Prior to the opening bell, Tyson Foods (NYSE:TSN) and Cardinal Health (NYSE:CAH) posted quarterly results which surpassed analysts’ expectations. Tyson Foods shares shot up 3.7% in response while Cardinal Health shares rose 1.2% in early trade.
The tech-laden Nasdaq also pushed into the green to add nearly 12 points to 7,823, led higher by Henry Schein, T-Mobile US, Booking Holdings and PepsiCo.