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U.S. stocks rise on earnings optimism; dollar gains

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07/10/2018 | 11:17pm CEST
Traders work on the floor of the NYSE in New York

NEW YORK (Reuters) - The S&P 500 stock index closed at a more than five-month high on Tuesday, boosted by expectations for strong earnings, while the U.S. dollar rose against the safe-haven Japanese yen as waning trade war fears drove a bid for riskier assets.

World equities markets remained near three-week highs, supported by the optimism on U.S. company earnings and expectations that global economic growth can withstand trade tensions.

"The market is in a very optimistic mood. The economic data is very strong and the labour markets are strong, and companies are making a lot of money," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

PepsiCo shares surged more than 5 percent after the soft drinks maker reported quarterly results that topped estimates on strong sales of snacks.

The Dow Jones Industrial Average rose 143.07 points, or 0.58 percent, to 24,919.66, the S&P 500 gained 9.67 points, or 0.35 percent, to 2,793.84, and the Nasdaq Composite added 3.00 points, or 0.04 percent, to 7,759.20. The S&P's close was its highest since Feb. 1. [nL4N1U64PB]

Oil rose on supply concerns in Norway and Libya, though gains were tempered by the United States' indication that it would consider requests for waivers from Iranian oil sanctions. The gains helped drive energy shares higher on Wall Street.

Brent crude, up almost 20 percent this year, was last at $78.82, or 0.96 percent higher on the day. U.S. crude rose 0.26 percent to $74.04 per barrel.

U.S. companies are expected to report second-quarter earnings growth of over 20 percent across all sectors when earnings season kicks off this week, thanks to recent tax cuts, high oil prices and robust economic growth.

The pan-European FTSEurofirst 300 index rose 0.40 percent and MSCI's gauge of stocks across the globe gained 0.26 percent.

U.S. Treasury yields hit session highs after a weak 3-year notes auction, which caused the yield to flatten further with the spread between U.S. Treasury 5-year and 30-year yields contracting to under 20 basis points.

Benchmark 10-year notes last fell 3/32 in price to yield 2.8692 percent, from 2.86 percent late on Monday.

The risk-on sentiment nudged the U.S. dollar closer to a seven-week high against the yen. The greenback could be poised for a further boost if consumer price inflation figures come in higher than expected on Thursday.

The dollar index rose 0.07 percent, with the euro down 0.05 percent to $1.1743.

Emerging market currencies like the Mexican peso, Brazilian real and Russian rouble also rose on global economic momentum.

In Turkey, President Tayyip Erdogan's new cabinet lacked market-friendly names and included instead his son-in-law as finance minister.

The Turkish lira gained ground. The U.S. dollar was down 0.6 percent against the lira.

Graphic - Global assets in 2018: http://tmsnrt.rs/2jvdmXl

Graphic - Emerging markets in 2018: http://tmsnrt.rs/2ihRugV

Graphic - World FX rates in 2018: http://tmsnrt.rs/2egbfVh

Graphic - MSCI All Country World Index Market Cap: http://tmsnrt.rs/2EmTD6j

(Reporting by Hilary Russ; Additional reporting by Sinéad Carew and Kate Duguid in New York, Sujata Rao in London, Amy Caren Daniel in Bengaluru; Editing by Nick Zieminski and Leslie Adler)

By Hilary Russ

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.32% 26743.5 Delayed Quote.8.19%
NASDAQ 100 -0.50% 7531.0719 Delayed Quote.18.33%
NASDAQ COMP. -0.51% 7986.9551 Delayed Quote.16.29%
PEPSICO -0.27% 114.91 Delayed Quote.-4.18%
S&P 500 -0.04% 2929.48 Real-time Quote.9.62%
US DOLLAR INDEX 0.31% 94.2 End-of-day quote.2.55%
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Financials ($)
Sales 2018 64 896 M
EBIT 2018 10 864 M
Net income 2018 7 855 M
Debt 2018 21 927 M
Yield 2018 3,13%
P/E ratio 2018 21,07
P/E ratio 2019 18,93
EV / Sales 2018 2,84x
EV / Sales 2019 2,76x
Capitalization 163 B
Duration : Period :
PepsiCo Technical Analysis Chart | MarketScreener
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Technical analysis trends PEPSICO
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 24
Average target price 118 $
Spread / Average Target 2,4%
EPS Revisions
Indra K. Nooyi Chairman & Chief Executive Officer
Ramon Luis Laguarta President
Hugh F. Johnston Chief Financial Officer, Vice Chairman & EVP
Mehmood A. Khan Vice Chairman, Chief Scientific Officer & EVP
Jody R. Davids Chief Information Officer & Senior VP
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