The stock market hit new highs again on Monday thanks to a positive third-quarter earnings season so far, with investors largely optimistic about the future results of big tech companies.
The Dow Jones Industrial Average rose nearly 0.2% on Monday, while the S&P 500 gained 0.5% and the tech-rich Nasdaq Composite jumped 0.9%.
The Dow Jones and S&P 500 both closed at new highs as the stock market’s winning streak continued on positive third quarter earnings.
Of the 117 S&P 500 companies that have posted earnings so far, some 84% have performed better than expected, according to data from Refinitiv.
While the earnings season has been bullish so far, investors are anticipating earnings from major tech companies this week, including Facebook, Alphabet, Microsoft, Amazon and Apple.
Shares of Facebook, which publishes its reports after market close on Monday, fell earlier in the day before climbing more than 1% in afternoon trading; The company has recently come under pressure following the publication of the “Facebook Papers” whistleblower documents.
Tesla stock, meanwhile, jumped 12% to a new all-time high on Monday, bringing the company’s market value to more than $ 1,000 billion, after Hertz said it placed the largest order. of the company and bought 100,000 Tesla cars.
Large number: $ 26 billion
That’s how much Elon Musk’s net worth jumped on Monday as Tesla shares soared. With a net worth of $ 255.8 billion, according to TBENBelieves Tesla Co-Founder And CEO To Be The Richest Person On The Planet, Worth More Than Any Billionaire TBEN never followed.
The major averages have all posted solid gains so far this month, with the Dow Jones and S&P both rising more than 5%, while the Nasdaq has gained more than 4%.
Despite supply chain concerns and labor shortages, “the rising tide of profits lifts all boats and fuels the bull market fire,” says Anu Gaggar, global investment strategist at Commonwealth Financial Network.
To monitor :
“There could be more gains to come in the last two months of the year,” predicts Ryan Detrick, chief market strategist for LPL Financial. “Seasonal tailwinds, improving market internals, and clear signs of a peak in the Delta variant all provide potential fuel for stocks as the end of the year approaches.”
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