Dear clients,
On Monday the S&P 500 and Nasdaq rose to their highest closing levels since April 2022, while Oracle hit a record high ahead of quarterly results as investors await inflation data and the Federal Reserve’s interest rate decision this week. Thanks to gains by market heavyweights Amazon, Apple and Tesla, the S&P 500 has now recovered 21% from its October 2022 lows. Some investors say Wall Street is in the midst of a bull market.
Tesla is up 2.2% and has now risen for 12 consecutive trading sessions, a record for the electric car maker.
Apple and Microsoft are up about 1.5% each, and the two tech companies‘ shares have gained 41% and 38% year-to-date respectively.
The S&P 500 rose 0.93% to end the session at 4,338.93 points.
The Nasdaq rose 1.53% to 13,461.92 points and the Dow Jones Industrial Average rose 0.56% to 34,066.33 points.
Rising shares of the biggest companies, better-than-expected quarterly earnings and hopes that the Fed is nearing the end of its monetary tightening cycle have lifted the indices in recent weeks.
The recent rally has widened to include more sensitive sectors such as energy and industrials, as well as small-company stocks, as data continues to suggest the US economy is resilient despite higher interest rates.
