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Wall Street hits new highs on earnings optimism

2024-10-15 HKT 06:31
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  • The S&P 500 and the Dow Jones Industrial Average both ended the day higher, with investors upbeat about corporate earnings. File photo: Reuters
    The S&P 500 and the Dow Jones Industrial Average both ended the day higher, with investors upbeat about corporate earnings. File photo: Reuters
Wall Street stocks finished higher on Monday ahead of a slew of high-profile corporate earnings, pushing the Dow and the S&P 500 to fresh records.

The broad-based S&P 500 closed up 0.8 percent at 5,859.85, while the Dow Jones Industrial Average ended the day up 0.5 at 43,065.22 -- the first time it has closed above 43,000.

The tech-rich Nasdaq Composite rose 0.9 percent to finish the day at 18,502.69, spurred by a 2.4 percent increase in the share price of chipmaker Nvidia, which closed at a new high.

The market "just continues to sort of squeeze higher, led by primarily the mega cap stocks," Briefing.com analyst Patrick O'Hare told AFP.

"You have a market that clearly is continuing to show no signs of breaking here," he added. "And that, I think, is kind of keeping people fearful about missing out on further gains."

Elsewhere on Wall Street, McDonald's and UnitedHealth Group finished up 1.6 percent and 1.2 percent, respectively.

Traders are eying a busy week of earnings results ahead from US companies including Netflix, Goldman Sachs and Procter & Gamble. (AFP)

Wall Street hits new highs on earnings optimism