Stock market today: Wall Street rises to start a week full of earnings reports and a Fed meeting
Stocks ticked higher to begin a week packed with potentially market-moving news
NEW YORK — U.S. stocks ticked higher Monday to begin a week packed with potentially market-moving reports.
The S&P 500 rose 16.21 points, or 0.3%, to 5,116.17, coming off its best week since November. The Dow Jones Industrial Average added 146.43, or 0.4%, to 38,386.09, and the Nasdaq composite gained 55.18, or 0.3%, to 15,983.08.
This week will see about a third of all the companies in the S&P 500 reporting how much profit they made during the first three months of the year. That includes such heavyweights as Amazon and Apple. So far reports have largely been better than expected, with roughly half the S&P 500’s reports in, highlighted last week by Alphabet, Microsoft and others.
Domino’s Pizza added to the pile Monday, reporting stronger-than-expected results thanks to a second straight quarter of rising orders for deliveries and carryout. Its stock steamed 5.6% higher.
Tesla was also a big force pushing upward on the market and jumped 15.3%. Its CEO, Elon Musk, met with a high-ranking Chinese official as it tries to rev up sales in the world's largest automobile market.
On the losing end was SoFi Technologies, which fell 10.5%. The financial services company reported better results for the latest quarter than analysts expected, but its forecast for net income in the current quarter fell short.
Solid earnings reports last week helped the S&P 500 rally to its first winning week in four. The companies in the index look to be on track to report a third straight quarter of growth in earnings per share, according to FactSet.
The stock market will need such strength to steady it following a shaky April. The S&P 500 fell as much as 5.5% during
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