The Dow Jones Industrial Average surpassed 35,000 Monday as Wall Street geared up for what is expected to be a robust earnings season.
The Dow rose 132 points, or 0.39%, to 35,004 and the S&P 500 gained 0.35%. The Nasdaq rose 0.15%.
The S&P 500 and Nasdaq set all-time intraday highs on Monday.
The three major stock indexes on Friday closed at records as worries about spreading COVID-19 variants and their impact on global growth eased. The S&P 500 has closed at a record high 38 times this year.
The Dow rose 0.2% last week and the S&P 500 and the Nasdaq each added 0.4%.
“The S&P 500 broke out of its range last week to hit new highs, despite not much if any new good news. We now stand in a precarious spot as earnings season fires up,” said Chris Larkin, managing director of trading at E*Trade.
“The reopening trade is pretty much old news at this point so traders will likely focus on earnings, and pullbacks along the way aren’t out of the norm especially as investors work through the results and forward guidance,” he added.
Video: Dow, Nasdaq and S&P all set records at close (CNBC)
Analysts surveyed by FactSet expect profits for S&P 500 companies rose 64% in the second quarter from the same quarter in 2020, a period when business activity was slowed considerably by the coronavirus pandemic. That would be the highest growth in more than a decade.
The yield on the benchmark 10-year Treasury rose Monday to 1.337%.
Investors this week will be paying close attention to U.S. data on consumer price inflation and Federal Reserve Chairman Jerome Powell’s semi-annual appearance before Congress.
Second-quarter earnings season kicks off on Tuesday with reports from JPMorgan Chase , PepsiCo , Goldman Sachs and Conagra Brands .
Reports are expected later in the week from Wells Fargo , Bank of America , Citigroup , Delta Air Lines , Morgan Stanley and UnitedHealth and Taiwan Semiconductor Manufacturing .
Virgin Galactic shares fell 17.64% Monday after the company filed to sell $500 million of stock.
Tesla shares rose 4.12% Monday as CEO Elon Musk testified in a lawsuit about the company’s purchase in 2016 of SolarCity.
This article was originally published by TheStreet.