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S&P 500 ekes out another record as investors gear up for big earnings

The S&P 500 reached another record high on Monday ahead of a busy week of earnings reports from technology’s heaviest hitters.

The broad equity benchmark rose 0.2% to a fresh record close of 4,422.30, extending its winning streak to five days. 

The Dow Jones Industrial Average gained 82.76 points, or 0.2%, to an all-time high of 35,144.31, also rising for a fifth straight day. 

The tech-heavy Nasdaq Composite closed slightly higher at 14,840.71, hitting a new high.

One of the busiest weeks of earnings reports is on deck, with Tesla kicking it off after the closing bell. Last week, CEO Elon Musk said the automaker would likely start accepting bitcoin for vehicle purchases again. Shares of the electric vehicle maker rose 2.2% Monday.

Big tech giants Apple, Alphabet and Microsoft are all set to report on Tuesday. Google, Facebook, and Amazon will also report later in the week.

The second-quarter reporting season has been stronger than expected, providing a support for stocks as they climb back into record-high territory. So far, 88% of S&P 500 companies have reported a positive EPS surprise, according to FactSet. If 88% is the final percentage, it will mark the highest percentage since FactSet began tracking this metric in 2008.

Reference: CNBC