AP Photo/Richard Drew
- US stocks closed at record highs on Monday as upbeat earnings continue to boost investor optimism.
- Of the 55% S&P 500 companies that have already reported earnings, 81% beat earnings estimates by a median of 9%.
- Investors have their eyes on the Fed's upcoming meeting on Tuesday and Wednesday.
US stocks closed at record highs on Monday, extending their record rally into November as strong third-quarter earnings continue to give investors reason for optimism.
Of the 55% S&P 500 companies that have already reported earnings, 81% of them beat earnings estimates by a median of 9%, according to data from Fundstrat. Meanwhile, 71% of the companies beat revenue estimates by a median of 4%.
Investors also have their eyes on the Federal Reserve's upcoming meeting of the Federal Open Market Committee, during which they're expected to reveal plans to unwind their $120 billion monthly bond buying program.
Here's where US indexes stood at the 4:00 p.m. ET close on Monday:
- S&P 500: 4,613.67, up 0.18%
- Dow Jones Industrial Average: 35,913.68, up 0.26% (94.12 points)
- Nasdaq Composite: 15,595.92, up 0.63%
Bill Ackman is advising the Fed to end its stimulus programs immediately, and begin to raise interest rates very soon. Investors don't expect the Fed to raise interest rates until the end of 2022 or early 2023. Ackman sees the monetary policy shift as necessary to combat rising inflation and cool-down a hot economy.
Lucid Group jumped as much as 9% on Monday, extending its week long gain to nearly 60% as the EV company began deliveries of its Air sedan and received positive reviews. In other EV news, shares of Nio slipped on Monday after the company reported a 30% decline in October deliveries.
Crypto exchange Binance halted customer withdrawals for two hours as it dealt with a database glitch. Meanwhile, a rug pull occurred in the Squid Game cryptocurrency, which soared 75,000% in a day before plummeting 99.99% overnight.
Burger King is partnering with Robinhood to give away $2.6 million of crypto to the fast food chain's loyalty club members.
Bitcoin bull Michael Saylor of Microstrategy said in an interview with CNBC on Monday that his firm will continue to raise funds through either debt or equity to buy more bitcoin.
West Texas Intermediate crude oil jumped as much as 1.12%, to $84.51 per barrel. Brent crude, oil's international benchmark, rose as much as 1.33%, to $84.83 per barrel.
Gold jumped as much as 0.52%, to $1,793.30 per ounce.