Wall Street notched some more record highs on Monday as a better-than-expected profit reporting season gets into higher gear. The S&P 500 rose 0.5%, surpassing the peak it set on Thursday. Tesla jumped 12.7% to the biggest gain in the S&P 500 after Hertz said it will buy 100,000 Model 3 vehicles for its fleet. The company now has a market capitalization of more than $1 trillion for the first time, reports the New York Times. The S&P 500 rose 21.58 points to 4,566.48. The Dow Jones Industrial Average rose 64.13 points, or 0.2%, to 35,741.15, a new record high. The Nasdaq rose 136.51 points, or 0.9%, to 15,226.71. Stocks broadly have been pushing higher recently as companies turn in much stronger profit reports for the summer than analysts expected.
With roughly one in four S&P 500 companies having reported, more are topping expectations than usual, and by a wider margin, according to FactSet. Elevator company Otis Worldwide became the latest to join the list, reporting revenue and profit that both topped Wall Street’s forecasts, the AP reports. Its stock fell 4.1%, though, after its forecast for earnings for the full year of 2021 fell slightly short of expectations. Several of the market’s most influential stocks are set to report their own profits in the upcoming week. That includes Apple, Amazon, Microsoft, and Google’s parent company, Alphabet— the four biggest companies on Wall Street by market value.
Facebook, the fifth-largest company in the S&P 500, will report its quarterly results after trading closes on Monday. Energy producers were strong after the price of US oil topped $85 per barrel during the morning. It’s the first time that’s happened in roughly seven years, though the price sank back as the day continued. But such gains were checked by losses for Kimberly-Clark, the maker of Kleenex and Huggies diapers, and other consumer products companies that are struggling with the effects of high inflation. Its stock fell 2.2% after the company cut its forecast for full-year 2021 profit because of the higher costs it’s paying for energy and other goods.
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