S&P 500 posts highest close since February 1; futures fall late

Dow, S&P 500 post best days in more than a month; banks lead gains

Traders work on the floor of the New York Stock Exchange in New York, US.

USA stocks rose on Monday, giving the Dow and S&P 500 their biggest gains in more than a month, as bank shares jumped ahead of earnings reports later this week.

The S&P financial index rose 1.3 percent, providing the biggest boost to the main S&P index.

The United States and China engaged in tit-for-tat tariffs on Friday, both countries imposing duties worth $34 billion on each others' goods.

Boeing gained 1.5 per cent after announcing it delivered 194 commercial planes in the second quarter, up from 183 in the year-ago period.

"It's not an inconsequential move", said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco, of the decline in futures.

"Last Friday's gains managed to put a positive patina on what was otherwise a rather unimpressive week for equity investors", Peter Kenney, senior market strategist at Global Markets Advisory Group in NY, wrote in a note.

During the regular session, the Dow Jones Industrial Average rose 143.07 points, or 0.58 percent, to end at 24,919.66, while the Nasdaq Composite added 3.00 points, or 0.04 percent, to 7,759.20.

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The S&P 500 rose 7 points, or 0.3 per cent, to 2,791.

USA analysts' estimates for S&P 500 second-quarter profit growth have risen slightly since April, putting the latest forecast at around 21 percent, according to Thomson Reuters data. Worries over rising bond yields and potentially firming inflation drove the early February selloff, which confirmed a correction for the market.

All eyes will turn to second-quarter earnings reports, with banks JPMorgan, Wells Fargo and Citigroup scheduled to report on Friday. Their shares dipped on Tuesday after leading market gains on Monday.

The sentiment also got a boot from a rise in oil prices, which gained more than $1 per barrel on Tuesday due to growing global supply outages. The S&P industrial sector jumped 1.8 percent.

Advancing issues outnumbered decliners for a 2.53-to-1 ratio on the NYSE and a 2.16-to-1 ratio on the Nasdaq.

The S&P 500 posted 21 new 52-week highs and no new lows; the Nasdaq Composite recorded 142 new highs and 30 new lows.

Twitter shares fell 5.3 per cent after it was reported the social media company suspended more than 70 million fake accounts, which analysts say will impact user growth.

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