- US stocks edged higher on Monday as second-quarter earnings continued to impress investors.
- Profit growth among S&P 500 companies is seeing its fastest rise since 2009, according to FactSet.
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US stocks gained on Monday as investors continue to be impressed by second-quarter earnings results, with profit growth among S&P 500 companies seeing its fastest rise since 2009.
With more than half of S&P 500 companies having reported earnings, 88% have beaten analyst revenue and profit estimates, according to data compiled by FactSet.
The strong earnings beats has led to analysts increasing their earnings estimates for the third quarter, as consumers continue to propel the economy higher in the ongoing post-pandemic recovery.
Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Monday:
- S&P 500: 4,421.60, up 0.6%
- Dow Jones industrial average: 35,082.50, up 0.42% (147.03 points)
- Nasdaq composite: 14,745.09, up 0.5%
Square fell as much as 5% on Monday after the fintech platform agreed to acquire “buy now, pay later” firm Afterpay for $29 billion in an all-stock deal.
HSBC released earnings results that surpassed profit estimates. The bank lowered its loan loss provisions as the economy continues to stage its recovery from COVID-19.
Gold fell 0.36%, to $1,810.70 per ounce.