Wall Street’s major indexes rose for a fourth straight session on Monday, boosted by tech stocks and optimism that Washington would reach a deal over more fiscal stimulus due to COVID-19 economic disruptions, with investors also gearing up for the third-quarter corporate earnings season.
Apple shares offered major support for the three main stock indexes with a 4.8% surge ahead of the company’s “Hi, Speed” special event on Tuesday, where new iPhones with 5G capabilities are expected.
Amazon.com Inc climbed 3.5% ahead of its annual Prime Day shopping event on Oct. 13 and 14.
The Trump administration on Sunday called on Congress to pass a stripped-down coronavirus relief bill as negotiations on a broader package ran into resistance.
Overall, analysts expect third-quarter earnings for S&P 500 companies to have fallen 20.7% from a year earlier, smaller than a 30.6% slump in the second quarter.
At 10:49 a.m. ET, the Dow Jones Industrial Average was up 181.99 points, or 0.64%, at 28,768.89, the S&P 500 was up 35.66 points, or 1.03%, at 3,512.79, and the Nasdaq Composite was up 181.30 points, or 1.57%, at 11,761.24.
MacDailyNews Take: Apple’s looming “Hi, Speed” special event and Amazon’s Prime Day certainly don’t hurt AAPL and tech stocks!
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]