US stocks trade higher on earnings, data

Last Updated: Tue, May 01, 2018 12:14 hrs

New York: US stocks traded higher as investors digested a slew of corporate earnings reports as well as major economic data.

The Dow Jones Industrial Average on Monday gained 137.22 points, or 0.56 per cent, to 24,448.41. The S&P 500 increased 5.69 points, or 0.21 per cent, to 2,675.60, Xinhua news agency reported.

The Nasdaq Composite Index was up 14.48 points, or 0.20 per cent, to 7,134.28.

McDonald's on Monday reported better-than-expected first-quarter earnings, as menu price increases fueled higher check averages in its US stores.

The company reported adjusted earnings per share of $1.79 and a revenue of $5.14 billion, both topping Wall Street's expectations.

Shares of the Dow component surged 5.32 per cent to trade at $166.71 apiece in the morning session.

On the economic front, personal income increased $47.8 billion, or 0.3 per cent, in March, according to estimates released by the US Commerce Department on Monday.

Disposable personal income increased $39.8 billion and personal consumption expenditures (PCE) increased $61.7 billion, or 0.4 per cent, according to the estimates.

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