Traders work on the floor of the New York Stock Exchange on August 14, 2024.

Spencer Platt | Getty Images

gave S&P 500 And Dow Jones Industrial Average Fresh records were reached on Monday as investors awaited the next batch of key corporate earnings.

The broad market index rose 0.77 percent to 5,859.85, while the 30-stock Dow added 201.36 points to 43,065.22. Both averages hit all-time highs and closed at records, with the Dow ending the session above the 43,000 mark for the first time. gave Nasdaq Composite Gained 0.87%, to close at 18,502.69.

McDonald’s, United Health Group And apple sent the Dow higher. Technology continued its upward run and was the best-performing sector in the S&P.

Bank of America, Goldman Sachs And Johnson & Johnson report their latest results on Tuesday, while Morgan Stanley And United Airlines The results are ready to be released on Wednesday. Walgreens Boots Alliance, Netflix And Procter & Gamble Also scheduled to post earnings this week.

After that the report will come. JP Morgan Chase And Wells Fargo Kicked off the third quarter earnings season on a high note. Early signs of recovery in banking profits helped push the broader market to all-time highs late last week. The S&P 500 closed above 5,800 for the first time on Friday, while the blue-chip Dow also hit an all-time high.

So far, 30 S&P 500 companies have posted results, beating the earnings consensus by an average of 5%, according to Bank of America. This is better than the 3% loss this time last quarter. Still, Bernstein believes this quarter’s year-over-year earnings-per-share growth will come in “much lower” than last quarter.

Despite the market climbing to new all-time highs, investors were worried about a closely contested presidential election in three weeks, a sudden rise in Treasury yields, uncertainty about the pace of Federal Reserve policy easing and heightened tensions in the Middle East. A backdrop of geopolitical risks is unsettling.

“The all-time high sentiment is probably a bit stretched, so it wouldn’t be surprising — especially in the last three or four weeks before the election — some Looking at Volatility Returns”. “Over a three- or six-month-plus time horizon we’re still quite bullish on the idea of ​​lower rates, a softening economy and income growth for just the right reason.”

The S&P 500 has gained about 23% this year, excluding reinvested profits. Recently bull market It has been two yearsand the benchmark has gained a total of about 63% since hitting the October 2022 closing low. Treasury yields have also risen recently, with the yield on the benchmark 10-year note, which is used to calculate everything from mortgages to auto loans, above 4.1 percent. last week

The bond market was closed on Monday for Columbus Day.



Source link