Investing.com – Wall Street traded higher on Monday as geopolitical concerns eased after the news that the coup in Turkey had failed and investors turned their attention to corporate earnings, while watching oil slump 2% on U.S. output activity.
At 15:18GMT, or 11:18AM ET, the Dow 30 gained 32 points, or 0.17%, the S&P 500 rose 6 points, or 0.27%, while the tech-heavy Nasdaq Composite traded up 33 points, or 0.66%.
News of the coup attempt in the NATO country came at the close of trade on Friday hampering buyer sentiment for U.S. stocks after what had been their longest rally since March.
The Turkish government said on Sunday it was in full control of the country and economy after thwarting an apparent military coup to topple President Tayyip Erdogan late on Friday.
The government widened a crackdown on suspected supporters of the failed coup over the weekend, taking the number of people rounded up in the armed forces and judiciary to 6,000.
With the geopolitical risk apparently taken back off the table, investors were turning their attention to the company front with the eye-catcher in headlines being Softbank’s (T:9984) agreement to buy U.K.-based chip designer ARM Holdings (LON:ARM PLC) in a £24.3 billion ($32.2 billion) deal.
Stateside, market participants geared up to a slew of earnings this week when more than 90 S&P 500 companies will report their second quarter numbers. S&P profit was forecast to have fallen 4.7%, according to Thomson Reuters.
On Monday, shares of Bank of America (NYSE:BAC) jumped more than 2% after the second largest U.S. bank by assets reported earnings per share that beat consensus, though revenue came in slightly below forecasts.
On the downside, Hasbro (NASDAQ:HAS) tumbled more than 7% despite the fact that the toy maker produced better than expected earnings.
IBM, Yahoo and Netflix were among companies slated to report earnings after the close.
On a light economic calendar day, the NAHB housing market index unexpectedly slipped in July, showing a slightly lower sense of optimism among American home builders.
Meanwhile, oil prices fell sharply in North American trade on Monday, dropping back towards two-month lows amid signs of an ongoing recovery in U.S. drilling activity.
Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by six last week to 357, the third straight weekly gain and the sixth increase in seven weeks.
The renewed gain in U.S. drilling activity fueled speculation that domestic production could be on the verge of rebounding in the weeks ahead, underlining worries over a supply glut.
U.S. crude futures fell 2.19% to $45.63 a barrel by 15:20GMT or 11:20AM ET, while Brent oil lost 2.23% to $46.55.