S&P 500 hits record, traders look to key earnings
The S&P 500 rose to a fresh record Monday as investors waited to assess whether the next batch of key corporate earnings can continue to power the market to new heights.
The broad market index climbed 0.7%, while the Nasdaq Composite advanced 0.8%. The Dow Jones Industrial Average lagged and rose 0.4%. The 30-stock Dow was pressured by a 2% decline in Caterpillar following a downgrade from Morgan Stanley.
On the other hand, McDonald’s and UnitedHealth Group led the Dow higher. Technology continued its upwards 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 are set to release results Wednesday. Walgreens Boots Alliance, Netflix and Procter & Gamble are also scheduled to post earnings this week.
Those reports will come after JPMorgan Chase and Wells Fargo kicked off the third-quarter earnings season on a high note. The early signs of a recovery in banking profits helped push the broader market to all-time highs at the end of last week. The S&P 500 closed above 5,800 for the first time on Friday, while the blue-chip Dow also reached an all-time high.
Source: CNBC
