Dow jumps 250 points on trade deal optimism

A pedestrian walks past the Wall Street subway station near New York Stock Exchange

A pedestrian walks past the Wall Street subway station near New York Stock Exchange

The Dow Jones industrials and the S&P 500 ended at record highs again Thursday, but they would have been even higher if not for a late-afternoon report saying a proposed rollback of tariffs was facing stiff opposition in the White House.

Banks also rose after bond yields made a big jump.

Of the 430 companies in the S&P 500 that have reported earnings through Thursday, almost three-quarters have beaten analyst expectations, according to Refinitiv. -China trade relations and another batch of largely upbeat earnings reports.

After the close, Disney EPS came in higher than expectations at $1.07 versus $0.95 estimate.

At 9:49 a.m. ET the Dow Jones Industrial Average was up 202.26 points, or 0.74%, at 27,694.82, the S&P 500 was up 17.13 points, or 0.56%, at 3,093.91 and the Nasdaq Composite was up 57.50 points, or 0.68%, at 8,468.13. Citigroup rose 1.7% and JPMorgan Chase rose 1.3%.

The yield on 10-year Treasurys rose to 1.95% from 1.814% Wednesday as investors sold USA government debt, seen as a haven asset.

The Russell 2000 index of small company stocks was outpacing the broader market in the early going with a gain of 1.1%. The Nasdaq added 0.28%, with the Nasdaq 100 up 0.29%.

Later in the day, major USA corporations including The Wall Street Journal's parent, News Corp., as well as Walt Disney, will report earnings.

Markets in Europe and Asia also rose. -China negotiations is giving the market direction after a day of listless trading as investors absorbed the latest round of corporate earnings.

US stocks closed higher on Thursday, as Wall Street remained optimistic for a potential approach to ease lingering U.S.

BROKEN RECORDS: The S&P 500 has been on a steady rally for the past month, following the announcement of an initial U.S. -China trade deal in early October.

Almost three-quarters of the 383 S&P 500 companies that have reported results so far have beaten profit expectations, according to IBES data from Refinitiv. Several other winners included drug distributor Cardinal Health, which rose 5.9% after reporting surprisingly good results.

On the down side, Expedia Group Inc plunged 27.4% as the online travel booking company missed quarterly profit estimates.

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