EDITOR'S NOTE
It was a rather muted start to the week with the major averages trading in a tight range, although the Dow, S&P 500 and Nasdaq Composite managed to hit record intraday highs. It's the busiest week of earnings, and investors appear to be waiting on reports from the likes of Apple, Facebook and Microsoft to gauge their next portfolio moves.
The 30-stock Dow rose 82.76 points, or 0.24%, to close at a new record of 35,144.31, while the S&P 500 advanced 0.24% to finish the day at 4,422.30, also a record. The Nasdaq Composite rose 0.03%.
It was the major averages' fifth straight day of gains.
"Notwithstanding mounting concerns about wage increases, inflation risks, supply chain disruptions and rising variant-fueled cases of Covid-19, stocks suggested that even with plenty to worry about things related to the economy are actually continuing to improve and signaling better things to come," Oppenheimer's John Stoltzfus wrote in a note to clients.
All told, 167 S&P components are on track to report earnings this week, including Tesla, which posted its results this afternoon.
Some view this earnings season as a make or break moment for the market, so these reports have the potential to be especially market moving.
One spot of the market that was decidedly unmuted on Monday was bitcoin, which roared back above $40,000, before slipping back to about $37,500 at the end of the day. The last time the cryptocurrency breached the $40,000 level was on June 16.
The sharp move higher is notable given that just last Monday bitcoin dipped below $30,000.
And in case you missed it, Robinhood held its virtual roadshow over the weekend as it prepares to go public.
“We think retail investing is a trend that’s here to stay. If you look at the data, the growth in retail actually started years before we launched. Our contribution has really been to accelerate the process,” CFO Jason Warnick said.
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