US stocks close higher ahead of earnings
US markets closed higher, with investors shifting their focus to next week, with third-quarter earnings season set to start and inflation data expected, which could shed light on the Federal Reserve's next policy decision. All three major US stock indexes advanced on the day, logging weekly gains. "It's the kind of back-and-forth market we've been in where we have the reversal of sentiment around Iran," said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. "With conflicting headlines coming out of the White House and parties in the Middle East, there's just no edge there." "That's why it's a fairly tepid rally," Mayfield added. Crude prices initially retreated after US President Donald Trump said the US will not launch any attacks on Iran before the midterm elections, adding that talks between Washington and Tehran aimed at ending the market-rattling Iran war were "productive." Front-month West Texas Intermediate oil and Brent crude both settled up 0.4 percent. Benchmark Treasury yields edged higher, but remained below Wednesday's 24-year high. Third-quarter reporting season begins in earnest next week, with big US banks Wells Fargo, Goldman Sachs, Citigroup, JPMorgan Chase, Bank of America and Morgan Stanley scheduled to release results. The mood of American consumers, who shoulder about 70 percent...
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