Wall Street ekes out gains after retail earnings; trade in focus

- U.S. stocks eked out modest gains on Tuesday on the back of upbeat quarterly reports from retailers and in anticipation of a U.S.-China trade deal as early as this month end.

Wall Street began the day on a muted note after losing ground on Monday, when the S&P 500 failed to hold on to the 2,800-point mark for the second session in a row. “We’ve had a nice rebound this year, but investors have to face the reality of the earnings fundamentals which continues to deteriorate,” Michael Geraghty, equity strategist at Cornerstone Capital Group in New York City.

Their upbeat results along with Amazon.com Inc’s 0.49 percent rise pushed the consumer discretionary 0.66 percent higher, the most among S&P sectors. The retailing index rose 0.79 percent. The sector was weighed down by losses in Wall Street’s big banks - JPMorgan Chase & Co, Bank of America Corp, Wells Fargo & Co - which fell between 1 percent and 1.5 percent.

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