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Dow Closes Near 35,000, Indexes at Records as Earnings Season in Focus

TheStreet logo TheStreet 7/12/2021 Joseph Woelfel
Dow Closes Near 35,000, Indexes at Records as Earnings Season in Focus © TheStreet Dow Closes Near 35,000, Indexes at Records as Earnings Season in Focus

The Dow Jones Industrial Average briefly crossed the 35,000 mark Monday and all three major indexes closed at records as Wall Street geared up for what is expected to be a robust earnings season.

The Dow industrials finished up 126 points, or 0.36%, to a record 34,996. The Dow had briefly surpassed 35,000 before settling a bit below.

The S&P 500 gained 0.35% and the Nasdaq rose 0.21%.

The Dow, S&P 500 and Nasdaq all set all-time intraday highs on Monday.

The three major stock indexes on Friday closed at records as worries about spreading COVID-19 variants and their impact on global growth eased.

The Dow rose 0.2% last week and the S&P 500 and the Nasdaq each added 0.4%.

"The S&P 500 broke out of its range last week to hit new highs, despite not much if any new good news. We now stand in a precarious spot as earnings season fires up," said Chris Larkin, managing director of trading at E-Trade.

"The reopening trade is pretty much old news at this point, so traders will likely focus on earnings, and pullbacks along the way aren't out of the norm especially as investors work through the results and forward guidance," he added.

Video: Dow jumps 120 points to close just shy of 35,000 on earnings optimism (CNBC)


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Analysts surveyed by FactSet estimate profits for S&P 500 companies rose 64% in the second quarter from the year-earlier quarter, a period when business activity was slowed considerably by the coronavirus pandemic. That would be the highest growth in more than a decade.

The yield on the benchmark 10-year Treasury rose Monday to 1.36%.

Investors this week will be paying close attention to U.S. data on consumer price inflation and Federal Reserve Chairman Jerome Powell's semiannual appearance before Congress.

Second-quarter earnings season kicks off on Tuesday with reports from JPMorgan Chase , PepsiCo , Goldman Sachs and Conagra Brands .

Reports are expected later in the week from Wells Fargo , Bank of America , Citigroup , Delta Air Lines , Morgan Stanley , UnitedHealth and Taiwan Semiconductor .

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Virgin Galactic shares ended down 17.66% Monday after the company filed to sell $500 million of stock.

Richard Branson, the space exploration company's billionaire owner, and a five-person flight crew completed a test flight to the edge of space Sunday on the company's VSS Unity space plane.

Tesla shares rose 4.4% Monday as CEO Elon Musk testified in a lawsuit about the company's purchase in 2016 of SolarCity.

This article was originally published by TheStreet.

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