Stocks rise as investors focus on earnings; Boeing drops
Technology companies and banks helped power stocks on Wall Street broadly higher Monday, extending the market’s gains of the last two weeks.
The latest gains nudged the S&P 500 above 3,000 points for the first time in a month. The benchmark index is now within 0.7% of its all-time high set on July 26.The S&P 500 index rose 20.52 points, or 0.7%, to 3,006.72. The Dow Jones Industrial Average gained 57.44 points, or 0.2%, to 26,827.64. The index was weighed down by a sharp drop in Boeing shares. The Nasdaq climbed 73.44 points, or 0.9%, to 8,162.99.
As they wait for trade talk developments, investors have been shifting their focus to corporate earnings reports. Monday was a relatively quiet start to a week full of results from major companies. Chipmakers, many of which are highly reliant on China for business, made some of the strongest gains Monday. Nvidia rose 2.9% and Micron Technology added 4%. Apple rose 1.7%The yield on the 10-year Treasury rose to 1.80% from 1.75% late Friday. Higher yields allow banks to charge more lucrative interest on mortgages and other loans.
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