Wall Street rose on Thursday, led by financial shares, as insurer Travelers' quarterly profit more than quadrupled.
Dow components 3M Co
Regional bank PNC Financial Services Group Inc
For any part of the market to make headway, it requires companies to beat estimates. We need pleasant surprises, and today we're getting plenty of them, said Hugh Johnson, chief investment officer at Johnson Illington Advisors in Albany, New York.
Even with nearly 80 percent of S&P 500 companies exceeding expectations so far this earnings season, according to Thomson Reuters data, investors are still concerned the market has overvalued corporate prospects in a weak economic environment.
The Dow Jones industrial average <.DJI> gained 112.38 points, or 1.13 percent, to 10,061.74. The Standard & Poor's 500 Index <.SPX> rose 7.77 points, or 0.72 percent, to 1,089.17. The Nasdaq Composite Index <.IXIC> added 8.03 points, or 0.37 percent, to 2,158.76.
3M and Travelers Cos Inc
But fellow Dow component Merck & Co Inc
United Parcel Service Inc
Union Pacific Corp
Union Pacific led declines in the Dow Jones Transport Average Index <.DJT>, which was off 0.4 percent.
(Editing by Jeffrey Benkoe)