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The stock market hit new all-time highs on Monday thanks to a positive third-quarter earnings season so far, with investors largely optimistic about the upcoming results of Big Tech companies.
Investors are looking forward to big tech earnings this week in hopes of further boosting the stock.
Key facts
The Dow Jones Industrial Average rose nearly 0.2% on Monday, while the S&P 500 gained 0.5% and the tech-heavy Nasdaq Composite rose 0.9%.
Both the Dow and S&P 500 closed at new all-time highs, while the stock market’s earnings streak continued on positive third-quarter earnings.
Of the 117 companies in the S&P 500 that have reported profits to date, about 84% have had results that exceeded expectations, according to data from Refinitiv.
While the earnings season so far has been positive, investors this week are looking ahead to earnings from major tech companies, including Facebook, Alphabet, Microsoft, Amazon and Apple.
Shares of Facebook, reporting after the market closed on Monday, fell earlier in the day before rising more than 1% in afternoon trading; The company has been under pressure recently after the release of the ‘Facebook Papers’ whistleblower documents.
Tesla shares, meanwhile, rose 12% to a new all-time high on Monday — bringing the company’s market value to more than $1 trillion — after Hertz announced it had placed the company’s largest-ever order and had 100,000 Tesla cars. purchased.
Large Number: $26 Billion
That’s how much Elon Musk’s net worth rose Monday as Tesla stock skyrocketed. With a net worth of $255.8 billion, according to ForbesHoney, is the co-founder and CEO of Tesla the richest person in the world — worth more than any billionaire Forbes has ever followed.
Main background:
The leading averages have all posted strong gains so far this month, with the Dow and S&P both rising more than 5%, while the Nasdaq gained more than 4%.
Crucial Quote:
Despite supply chain concerns and labor shortages, “the rising revenue stream is fueling all the boats and adding fuel to the bull market fire,” said Anu Gaggar, global investment strategist at Commonwealth Financial Network.
What to pay attention to:
“There could be more profits in the last two months of the year,” predicts Ryan Detrick, chief market strategist for LPL Financial. “Seasonal winds, improving internal market and clear signs of a peak in the Delta variant all provide potential fuel for equities heading into the end of the year.”
Read further:
Tesla hits $1 trillion in market value after Hertz places largest order for electric vehicles ever (Forbes)
Pinterest shares plunge 12% after PayPal ends rumors of a $45 billion deal (Forbes)
This is why Facebook, Twitter and Google stocks are falling even as the market nears record highs (Forbes)
These Are The Biggest ‘Facebook Papers’ Charges: Zuckerberg Caves For Communist Government And Lets Celebs Break The Rules, More (Forbes)
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Sources 2/ https://www.forbes.com/sites/sergeiklebnikov/2021/10/25/stocks-close-at-record-highs-after-tesla-hits-1-trillion-in-market-value/ The mention sources can contact us to remove/changing this article |
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