Global stocks bounce as earnings in focus; dollar steadies on Mnuchin

Mon Apr 17, 2017 4:53pm EDT
 
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By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks rose after three straight sessions of losses as investors shifted their focus to earnings and the greenback steadied after Treasury Secretary Steven Mnuchin said dollar strength is good over long periods of time.

Mnuchin, in comments to the Financial Times, also said U.S. President Donald Trump's recent remarks that the dollar is getting too strong were about the short term.

Tensions over North Korea weighed on the dollar earlier. North Korea had a failed missile test launch over the weekend, adding to regional tensions that have escalated in recent weeks as Trump has taken a tough rhetorical line with Pyongyang.

The dollar, which had hit a five-month low against the safe-haven yen, rose to a session high of 109.05 after the FT report. Stocks added to gains in late trading.

"You've had President Trump run on certain campaign issues, and many of those seem to be shifting to a more mainstream approach. From a financial markets perspective... that can be seen as a positive," said Brad McMillan, chief investment officer for Commonwealth Financial in Waltham, Mass.

First-quarter results from U.S. companies will draw investors' attention as reporting picks up this week. Beaten-down banks led gains on the S&P 500, with the S&P financial index up 1.6 percent. Goldman Sachs is among companies due to report this week.

The Dow Jones Industrial Average rose 183.67 points, or 0.9 percent, to 20,636.92, the S&P 500 gained 20.06 points, or 0.86 percent, to 2,349.01 and the Nasdaq Composite added 51.64 points, or 0.89 percent, to 5,856.79.

Geopolitical tensions focused on North Korea, Russia and Syria weighed on stocks last week.   Continued...

 
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 17, 2017. REUTERS/Brendan McDermid