SEA:CC - S&P Springs to New Record
The S&P 500 rose Monday and closed at a fresh record high as Wall Street looked toward several mega-cap tech earnings reports and the Federal Reserve's rate policy decision.
The Dow Jones Industrials popped 224.02 points to close at 38,333.45.
The S&P 500 index grew 36.96 points to 4,927.93, rising above its highest ever close of 4,894.16 reached Jan. 25.
The NASDAQ jumped 172.68 points, or 1.1%, to 15,628.04.
Stocks were little changed Monday as Wall Street looked toward several mega-cap tech earnings reports and the Federal Reserve's rate policy decision.
This week marks the busiest slate of the earnings season, with 19% of the S&P 500 reporting earnings. Mega-cap tech names Microsoft, Apple, Meta, Amazon and Alphabet — part of the core group of big tech companies that have led this year's rally — will be posting their results.
Investors will also keep an eye on several Dow components reporting their quarterly earnings, including Boeing and Merck
Shares of iRobot plummeted more than 9% following news that Amazon would no longer pursue a deal to acquire the company.
Meanwhile, the Federal Open Market Committee will begin its two-day policy meeting on Tuesday. Investors are nearly certain the central bank will keep rates steady. Traders in the fed funds futures market assigned an almost 97% probability the Fed will not cut rates at the upcoming meeting
Prices for the 10-year Treasury zoomed, lowering yields to 4.08% from Friday's 4.14%. Treasury prices and yields move in opposite directions.
Oil prices sagged $1.06 to $76.95 U.S. a barrel.
Gold prices surged $14.10 to $2,031.40.