Wall Street climbed as optimism about the outlook for corporate profits renewed appetite for tech stocks while shares of Lululemon rallied as it upgraded its full-year earnings outlook. The US dollar and oil prices also gained.
"Looking ahead into 2018, the tailwind of global earnings growth is strong, US corporate tax rates are probably going to be lower, and investors likely will still be in the mood to take on risk," Matthew Litfin, a portfolio manager at Columbia Threadneedle Investments, told Bloomberg.
Shares of Lululemon rallied, up 6.8 per cent as of 1.40pm in New York, after the Vancouver, Canada-based maker of yoga clothing and other athletic apparel reported better-than-expected quarterly earnings and upgraded its full-year earnings outlook.
"As we start the holiday season, I'm energised by our momentum and we are increasing guidance to reflect this performance," Lululemon CEO Laurent Potdevin said in a statement.
In 1.30pm trading in New York, the Dow Jones Industrial Average gained 0.4 per cent, while the Nasdaq Composite Index climbed 0.6 per cent. In 1.15pm trading, the Standard & Poor's 500 Index added 0.3 per cent.