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STORY: The S&P 500 hit a new closing high for the second day in a row in Monday’s trading.
Tech stocks joined the recent rally as investors awaited upcoming company reports for clues about this year’s profit outlook.
The Dow is up about four-tenths, the S&P 500 is up two-tenths, and the Nasdaq is up three-tenths.
The S&P 500 index closed at a record high for the first time in two years on Friday, confirming the bull market.
The semiconductor index, like Nvidia, hit a new record high.
Kevin Mahn, president and chief investment officer of Hennion & Walsh Asset Management, said he believes the market is ahead of the curve.
“The S&P 500 and Dow Jones Industrial Average have once again hit all-time highs. And unfortunately, the associated valuations are excessive, as the S&P 500 currently trades at a P/E of over 23 times. That doesn’t mean the market can’t or won’t go up. It just means it’s a little harder to find stocks with attractive valuations.”
Other gainers included Archer Daniels Midland, which fell more than 20% after the company placed its CFO on administrative leave pending an investigation and cut its full-year profit forecast.
And Gilead Sciences suffered a 10% loss after its cancer drug failed to meet key targets in late-stage research.
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