Equity indexes rise with tech shares, earnings; dollar dips

By Caroline Valetkevitch

NEW YORK (Reuters) – Stock indexes around the world rose on Tuesday as U.S. technology shares extended recent gains and as earnings news was mostly upbeat, while the U.S. dollar weakened.

U.S. Treasury yields appeared to stabilize, which reduced demand for the greenback.

On Wall Street, the technology sector boosted the the most, while recent stronger-than-expected results have bumped up the forecast for S&P 500 earnings for the third quarter, according to IBES data from Refinitiv.

“We could actually see us hit a new all time high before the end of the year is out because of corporate profits and typical seasonal optimism,” said Sam Stovall, chief investment strategist at CFRA.

Among U.S. companies reporting results on Tuesday, insurer Travelers (NYSE:) Cos Inc beat estimates for third-quarter profit and its shares rose.

The rose 166.18 points, or 0.47%, to 35,424.79, the S&P 500 gained 28.08 points, or 0.63%, to 4,514.54 and the added 93.20 points, or 0.62%, to 15,115.01.

The pan-European index rose 0.38% and MSCI’s gauge of stocks across the globe gained 0.69%.

Graphic: https://fingfx.thomsonreuters.com/gfx/mkt/zgvomrjmavd/world%20stocks%20oct%2019.PNG

The against a basket of other currencies was last down 0.27% on the day at 93.67, after earlier dropping to 93.50, the lowest since Sept. 28.

Currencies, including sterling and the New Zealand dollar, are benefiting from rising interest rate increase expectations.

The British pound jumped 0.60% to $1.3810 as money markets priced in a cumulative 35 basis points in rate hikes by the end of the year.

last rose 1% to $62,657.04.

In the U.S. Treasury market, the yield curve widened, reversing the recent trend.

In late morning U.S. trading, U.S. 10-year yields were last up 3.4 basis points at 1.6161%.

recently rose 1.1% to $83.35 per barrel and was at $85.02, up 0.82% on the day.

In other commodities, U.S. gained 0.46% to $1,772.90 an ounce.