By Selina Stoller, Summit Consumer Receivables Acquisitions, LLC ***
At the close of business Monday, the broad index gained 0.1 percent to 2,943.03, breaking the previous record high set in September.
Financials led the gains in the S&P 500 climbing 0.9 percent. The tech-heavy Nasdaq Composite also hit an all-time high, rising 0.2 percent to 8,161.85 while the Dow Jones Industrial Average closed 11.06 points higher at 26,554.39.
Year to date, stocks have been on a roll with the S&P 500 rallying more than 17 percent while the Nasdaq is up 23 percent – both indexes scored record high closings last week.
Investors are bracing for a demanding week full of corporate earnings reports, economic data, and another announcement from the Federal Reserve.
“This may be the busiest week of everything in terms of catalysts,” said Art Hogan, chief market strategist at National Securities.
This week, about 150 S&P 500 companies are scheduled to release their quarterly results (including Apple and General Electric). Throughout Monday morning, 231 companies in the S&P 500 reported quarterly results – 77.5 percent of the reporting companies exceeded analysts’ expectations. Meanwhile, the reported earnings growth rate is around 1 percent, well above the expected 4.2 percent drop.
April’s nonfarm payrolls report is scheduled for release Friday along with international trade numbers. Factory orders, construction spending, and consumer confidence data are all due to release this week as well.
The Fed is also set to hold a monetary policy meeting this week. Investors will be looking for clues about the central bank’s plan for its balance sheet moving forward, as well as hints on where Fed officials think the economy is heading.
Despite being inundated with official data, the market is are staying steady thanks to strong corporate reports helping push the S&P 500 and Nasdaq up by 0.9 percent and 1.9 percent last week.
- 1 May, 2019
- Josh Smith