Technology companies helped lift stocks on Wall Street modestly higher Monday, nudging the Standard & Poor’s 500 and Nasdaq indexes to all-time highs.
The Dow Jones industrial average closed slightly lower. Small-company stocks outpaced the broader market, a sign that investors are feeling confident about the economy. Treasury yields were broadly higher.The market’s modest gains came as investors geared up for the busiest week for earnings reports this season. Of the 500 members of the S&P 500 index, 181 will report this week. Ten of the Dow’s 30 members will also release their results.
With millions of COVID-19 vaccine doses being administered daily and trillions of dollars’ worth of government-led economic support being paid out, investors have turned much of their attention to how well the global economy — and corporate profits — will do in the recovery. Profits of S&P 500 companies are expected to be up 24% from the same time last year, according to FactSet.
About a quarter of S&P 500 companies have reported quarterly results this earnings season. Of these, 84% have delivered earnings that topped Wall Street’s estimates, according to FactSet.
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