US stocks make modest gains, continuing upward trend

By AP News

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Stocks rose in morning trading on Wall Street Monday, continuing an upward trend that has pushed major indexes to a string of record highs as investors review mostly solid corporate earnings.

A man walks past a bank's electronic board showing the Hong Kong share index at the Hong Kong Stock Exchange, Monday, Nov. 8, 2021. (AP Photo/Vincent Yu)

Stocks rose in morning trading on Wall Street Monday, continuing an upward trend that has pushed major indexes to a string of record highs as investors review mostly solid corporate earnings.

The S&P 500 rose 0.2% as of 10:18 a.m. Eastern. The benchmark index is coming off of five straight weekly gains. The Dow Jones Industrial Average rose 160 points, or 0.4%, to 36,488 and the Nasdaq rose 0.2%.

Every major index had a succession of multiple record high closes last week.

Smaller company stocks have also been making solid gains and again outpaced the rest of the market, which is a signal that investors are feeling confident about economic growth. The Russell 2000 rose 0.7%. It is also coming off of a record-setting week.

Bond yields edged higher. The yield on the 10-year Treasury rose to 1.48% from 1.45% late Friday.

There were slightly more stocks rising than falling within the S&P 500. Banks, which rely on higher yields to charge more lucrative interest on loans, made solid gains. Citigroup rose 2.4%.

Technology companies also gained ground and helped offset losses elsewhere in the broader market. Chipmaker Nvidia rose 2.7%.

A mix of companies the rely on direct consumer spending for goods and services fell, along with companies that sell household products.

Tesla fell 2.3% after after CEO Elon Musk said he would sell 10% of his holdings in the company based on the results of a poll he conducted on Twitter over the weekend.

The latest round of corporate earnings is starting to wind down, but investors still have several report cards from some big companies to review. Health care services and products company Cardinal Health will report its financial results on Tuesday and entertainment giant Walt Disney will report earnings on Wednesday.

Wall Street will also get several updates on inflation this week. Rising inflation remains a key concern as companies contend with higher raw materials costs and supply chain problems, while consumers face higher prices. Investors are watching closely to see whether higher prices impact consumer spending and the economic recovery, especially as the holiday shopping season quickly approaches.

The Labor Department will release its Producer Price Index for October on Tuesday, which measures inflationary pressures before they reach consumers. The agency will release its Consumer Price Index for October on Wednesday, which focuses on inflation's impact on consumers.

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Author: AP News

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