U.S. stocks rise as earnings roll in wake of debt crisis

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U.S. stocks rise as earnings roll in wake of debt crisis

U.S. stocks rose as better-than-expected quarter earnings roll in during what is the second week of the season with weekly reports. The results are helping offset the wrangling in Washington, after lawmakers missed the chance to extend the debt ceiling.

The Dow Jones Industrial Average rose over 40 points or 0.13%, while the S&P 500 gained 0.14% and the Nasdaq Composite was just a little changed in early trading.

Consumer-related companies lead the parade as investors take in positive results from sports retail giant Under Armour, which raised its full year outlook after revenue was 35% to $1.3 billion.

With a solid balance sheet and well managed inventory, we're confident in our ability to drive under 2021 as we get back on offense and make measured progress to returning to sustainable, profitable growth over the long-term," said Under Armour President and CEO Patrik Frisk.

Clorox shares were under pressure after the consumer giant signaled future sales will fall between 2% and 6% as the pandemic rush to load up on wipes and disinfectants normalizes.

In energy, BP pulled in $2.8 billion in profits. This led the oil giant to boost its dividend and buyback plan as oil continues to climb.

In deals news, PepsiCo is planning to sell a portion of its juice portfolio, which includes Tropicana and Naked, to private equity firm PAI Partners for $3.3 billion while retaining a 39% noncontrolling interest in a newly formed joint venture.

Shares of banks in China including Tencent were squeezed after the country's regulator denounced online gambling according to reports. Further evidence the government is wading deeper into oversight of pubically traded stocks.

In commodities, oil slipped 1.5% to the $70 per barrel, while gold traded down 0.49% to $1,813 an ounce.

In Asia, equity fell across the board with the Nikkei 225 Index down 0.50%, while the Hang Seng Index lost 0.16% and the Shanghai Composite Index fell 0.47%.