Wall Street set to climb on upbeat earnings reports, stimulus hopes

REUTERS: Wall Street's main indexes were set to open higher on Tuesday following a slate of positive earnings reports from companies including IBM and Coca-Cola, and on hopes for domestic stimulus to prop up an economy reeling from the COVID-19 pandemic.

"If this economic recovery slowly continues, tech stocks will probably continue to be one of the leaders. Technology is up to the altar and they need to justify so much of this strength and earnings," said Ryan Detrick, chief market strategist at LPL Financial in Charlotte, North Carolina. The S&P 500 closed higher for the year and the Nasdaq notched a record closing high on Monday after promising early data from trials of three potential vaccines and a boost from high-flying companies including Amazon.com Inc and Microsoft Corp .Advisers to President Donald Trump and congressional Democrats were set to discuss the next steps in responding to the coronavirus crisis on Tuesday, with congressional Republicans saying they were working on a US$1 trillion relief bill.

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