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Wall Street logs gains Monday on strong earnings

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Healthcare and energy companies helped push stocks higher Monday, as Wall Street kicked off the first trading day in May with more gains after a four-month winning streak.

A cold storage plant in Los Angeles’ Arts District would be replaced with housing, offices, a hotel and shops in a proposed mega-development called Fourth & Central.The S&P 500 rose 11.49 points to 4,192.66. The benchmark index’s latest gains follow a 5.2% surge in April, its best month since November 2020, when President Biden was elected. It logged a gain of about 28% from November through April.

Smaller companies, which have outgained the broader market this year, also had a good showing. The Russell 2000 index picked up 11 points, or 0.5%, to 2,277.45. More than half of the companies in the S&P 500 have reported their results this earnings season, which show profit growth of 54% so far, according to FactSet.

Among the biggest gainers Monday were oilfield services company Baker Hughes, which vaulted 8%, clothing retailer Gap Inc., which jumped 7.2%, and flooring manufacturer Mohawk Industries, which climbed 7.5%.

 

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