“Tax cuts will produce an increase in earnings and that is now incorporated into official sell-side estimates,” said Brant Houston, managing director at CIBC Atlantic Trust Private Wealth Management in Colorado.
“However, I don’t think we should get used to returns like this, the trends looking forward will be more subdued than we saw in 2017.”
The dollar slipped to a four-week low against a basket of currencies, under pressure from a recent dip in U.S. 10-year bond yields. [USD/] A weaker dollar tends to boost revenue of companies with large global presence.
At 12:28 p.m. ET (1728 GMT), the Dow Jones Industrial Average was up 35.9 points, or 0.14 percent, at 24,810.2, the S&P 500 was up 1.85 points, or 0.07 percent, at 2,684.47 and the Nasdaq Composite was up 9.02 points, or 0.13 percent, at 6,948.35.
Eight of the 11 major S&P sectors were higher.
JPMorgan, Wells Fargo and Berkshire Hathaway were up, helping the financial index rise 0.18 percent.
Live Ventures, owner of internet marketing firm LiveDeal, surged more than 70 percent after reporting a jump in annual revenue.
J.B. Hunt Transport fell about 2 percent to $113.51 after the logistic services provider forecast current-quarter profit below estimates.
Advancing issues outnumbered decliners on the NYSE by 1,690 to 1,100. On the Nasdaq, 1,646 issues rose and 1,182 fell.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva)
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