Tuesday, June 22, 2021

S&P 500 & Nasdaq ended higher on Wall Street

On Wall Street, the S&P 500 and Nasdaq ended higher yesterday, fueled by Tesla ahead of the electric car maker’s quarterly report, which kicks off this week’s results from several heavyweight growth companies.

On corporate earning, of 124 companies in the S&P 500 that have reported so far, over 85 percent have topped analysts’ earnings estimates, with Refinitiv IBES data now predicting an over 34 percent jump in profit growth.

Investors will monitor a two-day Federal Reserve meeting beginning today, with the US central bank expected to bring to light whether the employment landscape has affected its plan to leave interest rates near zero for an extended time and to continue buying 120 billion dollars in bonds each month.

Also on investors’ radar is a reading of first-quarter gross domestic product, later this week, to gauge the pace of economic recovery in the United States.

Later in the day, Tesla came out with quarterly results, which beat Wall Street expectations for the first-quarter revenue after it posted record deliveries for the period earlier this month on robust demand from China.

Tesla’s revenue rose to 10.4 billion dollars in the first quarter, from nearly 6 billion dollars a year earlier in the same period.

So, the Dow Jones Industrial Average fell 62 points, to close at 33,982. But the S&P 500 gained 7 points, to close at 4,192. And the Nasdaq Composite added 122 points, to 14,140.

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