Wall Street logs gains Monday on strong earnings

Wall Street logs gains Monday on strong earnings

5/4/2021 10:15:00 AM

Wall Street logs gains Monday on strong earnings

Healthcare and energy companies helped push stocks higher Monday, as Wall Street kicked off the first trading day in May with more gains after a four-month winning streak.

AdvertisementThe S&P 500 rose 11.49 points to 4,192.66. The benchmark index’s latest gains follow a 5.2% surge in April, its best month since November 2020, when President Biden was elected. It logged a gain of about 28% from November through April.

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The Dow Jones industrial average added 238.38 points, or 0.7%, to 34,113.23. The tech-heavy Nasdaq shed an early gain and lost 67.56 points, or 0.5%, to 13,895.12.Smaller companies, which have outgained the broader market this year, also had a good showing. The Russell 2000 index picked up 11 points, or 0.5%, to 2,277.45.

Stocks have been grinding higher on expectations of an economic recovery and strong company profits this year as large-scale coronavirus vaccination programs help people return to jobs and normal behaviors after more than a year of restrictions. Massive support from the U.S. government and the Federal Reserve, and increasingly positive economic data, have also helped put investors in a buying mood, keeping stock indexes near their all-time highs. headtopics.com

More than half of the companies in the S&P 500 have reported their results this earnings season, which show profit growth of 54% so far, according to FactSet.This will be another busy week for earnings reports, with Merck, Pepsi, Colgate-Palmolive and CVS among the companies reporting their latest quarterly results. Investors will also get April’s jobs report Friday.

Among the biggest gainers Monday were oilfield services company Baker Hughes, which vaulted 8%, clothing retailer Gap Inc., which jumped 7.2%, and flooring manufacturer Mohawk Industries, which climbed 7.5%.Shares of Verizon Communications added 0.2% after the company announced it would sell off the remnants of Yahoo and AOL into a new company backed by private equity firm Apollo Global Management. Verizon bought Yahoo and AOL’s media assets about six years ago in an effort to compete with Google and Facebook, but the effort never panned out and Verizon returned its focus to its traditional wireless cell operations.

AdvertisementWarren Buffett’s Berkshire Hathaway rose 1.5% after the billionaire investor named his successor after years of speculation. Greg Abel, who runs Berkshire Hathaway’s noninsurance business, will step into the chief executive role when Buffett retires.

On the economic front, a report on U.S. manufacturing activity in April came in below economists’ expectations but still was strong for the month. The Institute for Supply Management’s manufacturing index came in at 60.7 for April, compared with the 65.0 reading that was expected. However, that figure is still well above the 50-point mark that indicates expanding manufacturing activity. headtopics.com

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A report on U.S. construction spending showed similar results, making gains but still falling short of economists’ forecasts. Spending on construction projects rose just 0.2% in March, the Commerce Department said Monday, significantly less than the 1.7% jump economists had expected.

Read more: Los Angeles Times »

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