S&P500, Nasdaq Hit Record Highs As Earnings Fueled Week For US Stocks Begins

NEW YORK (UrduPoint News / Sputnik - 27th April, 2021) The S&P500 and Nasdaq Composite Index hit record highs on Monday as investors braced for the start of a heavy week of US corporate earnings results that were likely to deliver top marks to technology companies and other blue-chip stocks.

The S&P 500 index, which groups the top 500 stocks on the New York Stock Exchange, hit a record high of 4,194 before settling at 4,189, up 9 points, or 0.2 percent on the day. For the year, the index was up 11.5 percent.

The technology-laden Nasdaq Composite Index rose to an all-time high of 14,154 before closing at 14,138, up 122 points or 0.9 percent. High-flying Nasdaq stocks such as Facebook, Amazon, Apple, microsoft and Google, are due to report quarterly earnings this week. Nasdaq is up 9.7 percent on the year.

The Dow Jones Industrial Average, Wall Street's broadest stock indicator comprising mostly industrial stocks, closed down 61.

92 points, or 0.2 percent, at 33,982. The Dow remains up 11 percent for the year.

Analysts said tech companies especially were on track to report blockbuster earnings from another pandemic-restricted quarter that fueled web surfing, online shopping and stay-home work and play activities.

The wave of corporate earnings seen over the past week has so far topped Wall Street estimates, and if the momentum continues, the S&P500 could be set for its best quarterly performance in more than a decade.

While stocks saw some periodic weakness on Monday from President Joe Biden's higher capital gains tax plans that led to the Dow's lower close, they mostly regained their upward momentum after White House Economic Adviser Brian Deese said the changes would only affect the wealthiest Americans or 0.3 percent of the population.