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U.S. stocks rally on upbeat earnings

Xinhua, October 25, 2016 Adjust font size:

U.S. stocks traded higher in the morning session Monday as Wall Street digested a batch of generally positive earnings reports.

Around midday, the Dow Jones Industrial Average rose 91.60 points, or 0.50 percent, to 18,237.31. The S&P 500 gained 9.92 points, or 0.46 percent, to 2,151.08. The Nasdaq Composite Index increased 45.56 points, or 0.87 percent, to 5,302.96.

Shares of T-Mobile surged over 7 percent around midday Monday after the company posted better-than-expected quarterly results.

The U.S. wireless carrier announced Monday net income of 366 million U.S. dollars, or 42 cents per share, for the third quarter of 2016, compared with 138 million dollars, or 15 cents a share during the same quarter last year.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the third quarter of 2016 are expected to rise 1.1 percent year on year, while the revenues are forecast to increase 2.5 percent.

U.S. economic data also came out positive. Adjusted for seasonal influences, the Markit Flash

U.S. Manufacturing Purchasing Managers' Index rebounded from a three-month low of 51.5 in September to 53.2 in October, beating market consensus of 51.2.

On Friday, U.S. stocks closed mixed after wavering in a tight range, as investors digested remarks from the U.S. Federal Reserve official amid corporate earnings reports. Enditem