FRIDAY, MAY 17, 2019:
Stocks rose on Thursday as sentiment was boosted by strong earnings from Walmart and Cisco Systems while banks climbed on higher rates. The Dow Jones Industrial Average closed 214.66 points higher at 25,862.68, led by Walmart and Cisco. The S&P 500 gained 0.9% to close at 2,876.32 while the Nasdaq Composite advanced 1% to 7,898.05. The major indexes also closed higher for the third straight day.
Walmart shares rose 1.4% after the retailer posted first-quarter earnings for fiscal 2020 that topped analyst expectations. The company said it is in a "good position " to meet its goals for 2019 despite tough comparisons for the second quarter.
Cisco Systems also reported better-than-expected quarterly earnings, sending its stock up 6.7%. The company issued stronger-than-forecast revenue guidance as well.
Shares of Citigroup, J.P. Morgan Chase, Bank of America and Goldman Sachs all gained more than 1%. Banks rose as the benchmark 10-year Treasury yield climbed back above 2.4% on stronger-than-forecast data. Housing starts for April topped expectations while weekly jobless claims dropped more than expected.
The gains in Cisco, Walmart and the banks offset worries over the ongoing trade spat between China and the U.S.