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Stocks rally ahead of Facebook earnings

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Exuberant Traders
Traders
celebrate after the closing bell on the floor of the New York
Stock Exchange, (NYSE) in New York, U.S., February 6,
2018.

Brendan
McDermid/Reuters


Stocks rose Wednesday, with Facebook hitting an all-time high, as
trade worries took a backseat to a batch of
stronger-than-expected earnings. Stocks jumped in the final hour
of trading following reports of a trade deal between the US and
the European Union. The dollar
and Treasury yields fell. 

Here’s the scoreboard:

Dow Jones industrial
average
:

 25,414.98 +173.04
(+0.69%)

S&P
500
:

 2,840.32 +19.92
(+0.71%)

  1. European Commission President Jean-Claude Juncker

    reportedly
    agreed to certain trade concessions in an Oval
    Office meeting with President Donald Trump.
    The
    president has previously appeared intent on ramping up
    protectionist measures on the EU. While Juncker was en route to
    Washington on Tuesday, Trump tweeted that tariffs
    “are the greatest.”
  2. The European Union earlier announced it was preparing

    retaliatory tariffs on $20 billion worth of US
    products
    .
     EU officials had warned the duties
    would be enacted if President Donald Trump follows through with
    the 25% tariff on car imports to the US he has threatened.
  3. New homes sales in the US
    dropped to an eight-month low
    in June. 
    Sales
    of new single-family units fell 5.3% last month, the Commerce
    Department said, a drop more than double the size that
    economists had forecast. 
  4. US crude inventories
    fell to the lowest point
     since February
    2015. 
    The 6.15 million barrel drawdown, reported
    by the Energy Information Administration, was larger than
    expected. Prices of
    West Texas Intermediate
    , the US benchmark, jumped more than
    $1 to $69.25 a barrel following the EIA report.
  5. Earnings season rolls on. Coca-Cola and
    UPS
    posted stronger-than-expected numbers for the second
    quarter. Boeing fell
    short of analyst expectations and disappointed on guidance.
    General
    Motors
    topped Wall Street estimates but cut its profit
    forecast amid tariff concerns. 

And a look at the upcoming economic calendar:

  • Facebook posts earnings after the bell; Amazon and Twitter
    report later this week.
  • The European Central Bank holds a policy meeting.
  • Factory order numbers are out in the US.

See also:

Goldman Sachs breaks down the
damage a trade war could cause in the stock market and 2 ways
investors can protect themselves

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