The three major stock market indexes closed at new record highs Monday
"We ran out of superlatives to describe corporate America’s stunning performance during first-quarter earnings season," LPL Financial wrote in a Monday note, citing profits that exceeded high expectations by one of the biggest margins in history.
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Big technology stocks like Amazon and Apple led major indexes to new records Wednesday, signaling to experts that investors are plowing into risky assets in search of market returns as stock valuations return to unprecedented highs.
S E E D E D C O N T E N T
Traders and financial professionals work on the floor of the New York Stock Exchange. GETTY IMAGES
KEY FACTS
- Adding to a Friday high, the Dow, which is composed of 30 legacy corporations like Disney and Goldman Sachs, jumped 126 points, or 0.4%, to 34,996 on Monday, pushing gains to nearly 16% this year alone.
- Also nabbing new records, the S&P 500 jumped 0.4% to 4,385 points, and the tech-heavy Nasdaq ticked up 0.2%; they're now up 18.5% and 16% this year, respectively.
- Ahead of their earnings reports this week, big banks Morgan Stanley, Goldman Sachs and JPMorgan were among stocks heading up the S&P's gains, climbing 3%, 2.5% and 2%
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"We ran out of superlatives to describe corporate America’s stunning performance during first-quarter earnings season," LPL Financial wrote in a Monday note, citing profits that exceeded high expectations by one of the biggest margins in history.
The firm expects "more good news this quarter as more of the economy has opened up," but also acknowledges the second quarter "will almost certainly end up being the peak in earnings growth for this cycle."
Buoyed by optimism over the waning pandemic, energy and financial stocks headed up the market at the start of this year, but technology stocks have also bounced back
But..but...but...it was supposed to crash and burn with Biden in office according to the loser who was defeated in January.