Stocks closed higher Monday, lifted by Tesla, while traders geared up for a week dominated by corporate earnings and a Federal Reserve meeting.
The Dow Jones Industrials popped 147.4 points to 38,387.06.
The S&P acquired 16.21 points to 5,116.17.
The NASDAQ improved 55.18 points to 15,981.97.
Tesla jumped more than 14% after clearing a key hurdle for full self-driving technology in China. Apple climbed around 3% on the heels of a bullish upgrade from investment firm Bernstein. But those gains were mitigated as Big Tech peers Microsoft, Alphabet, Meta and Nvidia all traded lower.
Domino’s Pizza popped more than 5% after reporting earnings topped analysts’ expectations Monday morning. Apple, McDonald’s, Coca-Cola and Amazon are also among the major companies sharing quarterly financials this week.
Those releases come during what is shaping up to be a strong earnings season. Of the more than 46% S&P 500-listed firms that have posted results so far, about four out of every five have surpassed expectations.
Monetary policy will take center stage later in the week, with the Fed set to release its latest interest rate announcement on Wednesday.
While the central bank is widely anticipated to keep the borrowing cost unchanged, investors will still closely monitor the post announcement press conference with Chair Jerome Powell.
Prices for the 10-year Treasury advanced, dropping yields to 4.62% from Friday’s 4.66%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.16 to $82.69 U.S. a barrel.
Gold prices faded 50 cents to $2,346.70.
