Mumbai: Indices on Wall Street closed in the green even as sentiment was weak due to worsened peace talks between the US and Iran. US President Donald Trump said ceasefire talks with Iran were "unbelievably weak" after earlier calling Iran's proposal for peace unacceptable. Brent Crude oil futures hovered near $105 per barrel. Strong earnings kept market participants positive.
"If we get weakness after this really strong recovery from the March lows, I would see it as a buying opportunity, because this is a market that is being fueled by corporate profits, by capex, and frankly by a strong labor market," Marci McGregor, head of portfolio strategy, chief investment office, at Merrill and Bank of America Private Bank, told CNBC.
As of Friday, analysts estimated the earnings growth of S&P 500 stocks for the quarter ended March at 28.6% on year, Reuters reported. Technology majors continued to gain Monday. From the NASDAQ Composite, Micro Technology closed over 6% higher. Shares of Nvidia Corp., Tesla, and Intel Corp. gained 2-4%. In the S&P 500, six of the 11 sectors ended higher.
The S&P 500 Energy index eked out the most gains compared with its peers, and the index closed 2.6% higher. On the flip side, the S&P Communication Services fell 2.63%. Among others, some airline stocks were under pressure. Shares of Southwest Airlines, Delta Air Lines, Alaska Air, and United Airlines fell 3.0-4.4%.
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