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U.S. stocks continue to rise on Iran nuclear deal

Xinhua, July 15, 2015 Adjust font size:

U.S. stocks traded higher in the morning session Tuesday as investors were encouraged by the Iran nuclear deal while digesting economic data and the second-quarter earnings reports from big companies.

At midday, the Dow Jones Industrial Average rose 64.14 points, or 0.36 percent, to 18,041.82. The S&P 500 gained 9.00 points, or 0.43 percent, to 2,108.60. The Nasdaq Composite Index was up 37.16 points, or 0.73 percent, to 5,108.67.

A landmark agreement has been reached over the Iranian nuclear issue between Iran and six world major countries, a diplomatic source confirmed Tuesday.

The comprehensive agreement was clinched between Iran and the P5 Plus One group -- Britain, China, France, Russia and the United States plus Germany -- after more than two weeks of bargain in Vienna, the capital city of Austria.

The comprehensive deal would be sent to UN Security Council in a short time and it needs to be endorsed by the Council, and the period before the comprehensive deal starts to be implemented by all sides could be around half a year, the source said.

On the economic front, U.S. retail sales came out weaker than expected. Advance estimates of U.S. retail and food services sales for June were 442 billion U.S. dollars, a decrease of 0.3 percent from the previous month, missing market consensus of a 0.3-percent gain, the Commerce Department announced Tuesday.

"Spending momentum clearly stalled at quarter end, suggesting this year's Q2 bounce didn't have nearly the oomph of last year's, " said Chris Low, chief economist at FTN Financial, in a note.

Meanwhile, the reporting season for major U.S. banks kicked off Tuesday.

JPMorgan Chase & Co. rose 1.04 percent around midday after reporting better-than-expected quarterly earnings before the opening bell. The bank earned 1.54 dollars per share for the second quarter of 2015 on a revenue of 24.5 billion dollars for the period.

Wells Fargo & Company reported net income of 5.7 billion dollars, or 1.03 dollars per diluted common share, for the second quarter 2015, compared with 5.7 billion dollars, or 1.01 dollars per share, for the same period last year. Its shares increased 0. 71 percent around midday.

U.S. stocks rallied Monday, with the three major indices on a three-day winning streak, as market sentiment was boosted by the Greek debt deal. Endite