After straight three sessions of loss, U.S. stocks are on high as focus of investors has been shifted to earnings. Over a very long period of time, dollar strength is good, said by Treasury Secretary Steven Mnuchin. He also said that Trump’s recent remarks on dollar were about sort term that it is getting too strong.
North Korean tensions over about failed missile launch have earlier weighed on the dollar. The dollar rose to a session high of 109.05, which was earlier 5 month low against the Yen and in late trading, stocks added to gains. Moreover, few geopolitical tensions of Russia and Syria also weighed on stocks last week.
Investors’ attention has been drawn due to first-quarter results from companies of U.S. like Goldman Sachs will be reporting this week. The Dow Jones Industrial Average rose by 0.9 percent, the S&P 500 gained 0.86%, and the Nasdaq Composite added 0.89%.
“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.
“People want to be focused on earnings and how the economy is doing,” said Robert Pavlik, chief market strategist at Boston Private Wealth in New York.