Stocks rally ahead of the start of earnings season

FILE PHOTO: Traders react at the closing bell on the floor of the NYSE in New York

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FILE PHOTO: Traders react at the closing bell on the floor of the NYSE in New York
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Thomson Reuters

Stocks inched higher Tuesday, with the Dow Jones industrial average gaining for a fourth straight session, as markets brushed off mounting trade tensions and eyed the start of earnings season. The dollar and Treasury yields rose.

Here is the scoreboard:

Dow Jones industrial average: 24,918.58 +141.99 (+0.57%)

S&P 500: 2,793.51 +9.34 (+0.34%)

  1. In a win for US corporations, President Donald Trump tapped Judge Brett Kavanaugh to fill the open Supreme Court seat left by retiring Justice Anthony Kennedy. Kavanaugh’s record suggests he’ll bring pro-business views to the high court. The nomination still has to be confirmed by the Senate, which could be an uphill battle.
  2. Americans are quitting their jobs at a rate not seen in 17 years. The jobs quits rate rose to 2.4% in May, the Labor Department said, another sign of a tightening US labor market.
  3. The trade fight between the US and China shows no signs of letting up. In the most recent blow between the world’s largest economies, China’s commerce ministry said it would hit some US optical fiber products with tariffs of up to 78.2%.
  4. Tesla is planning to build a plant in China, which the company said it expects to produce 500,000 cars a year. Shares rallied after Tesla announced it had signed an agreement on the deal with Shanghai’s municipal government.

And a look at the upcoming economic calendar:

  • NATO leaders meet for an annual summit in Brussels.
  • US inflation readings are out.
  • The Allen & Co. Sun Valley conference continues.