Wall Street rose again Monday to build on its all-time high reached last week.
- The S&P 500 rose 10.62 points, or 0.2%, to 4,850.43.
- The Dow Jones Industrial Average rose 138.01 points, or 0.4%, to 38,001.81 after climbing above 38,000 for the first time.
- The Nasdaq composite rose 49.32 points, or 0.3%, to 15,360.29.
Stocks climbed as Treasury yields mostly eased in the bond market. Yields have come down considerably since October on expectations the Federal Reserve will cut interest rates several times this year. Several economic reports this week could shift those expectations. It will also be a busy week for corporate earnings reports, the
AP reports.
Macy's climbed 3.5% after the retailer said it rejected a buyout offer from two investment companies, in part because it didn't offer "compelling value." SolarEdge Technologies rose 4% after it said it would cut 16% of its workforce, and NuStar Energy jumped 18.% after Sunoco said it would buy the pipeline and storage company in a deal valued at $7.3 billion, including debt. They helped offset a 24.2% drop for Archer Daniels Midland, which put its chief financial officer on leave. After getting a document request from US regulators, it said it's investigating some of its accounting practices.
This upcoming week will have a rush of companies reporting their results for the last three months of 2023, with roughly 70 companies from the S&P 500 on the calendar. They include American Airlines, Intel, Procter & Gamble, and Tesla. Analysts are expecting companies in the S&P 500 to report an overall dip in earnings for the fourth quarter, down nearly 2% from a year earlier, according to FactSet. If they're right, it would be the fourth quarter in the last five where profits have fallen. On Friday, the government will release the latest reading for the inflation gauge that the Fed prefers to use. Economists expect it to show inflation held steady at 2.6% in December from a month earlier.
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