US: Stocks rise as Dow extends winning streak
WALL Street stocks advanced on Monday (Jul 24) ahead of major earnings and central bank announcements as the Dow won its 11th-straight gain.
The ascent of the blue chip index has bolstered hopes that the stock market rally of 2023 could be extended as the advance broadens beyond technology companies.
The Federal Reserve is widely expected to lift interest rates on Wednesday, but the central bank’s statements will be scrutinised for clues on possible additional increases later in 2023.
“US stocks are catching a modest bid here as optimism grows that the Fed won’t remain hawkish and will likely signal they will deliver one more hike and potentially pause for a long time,” said Oanda’s Edward Moya.
The Dow Jones Industrial Average finished up 0.5 per cent at 35,411.24 as the index touched a fresh 15-month peak during the trading.
The broad-based S&P 500 advanced 0.4 per cent to 4,554.64, while the tech-rich Nasdaq Composite Index added 0.2 per cent at 14,058.87.
The reporting season for second-quarter corporate results also kicks into high gear this week with announcements from Microsoft, Facebook parent Meta Platforms, Boeing and McDonald’s, among others.
Among individual companies, Chevron gained 1.9 per cent as it announced earnings highlights that put second-quarter profits above expectations.
The oil giant also announced that it waived the mandatory retirement age of 65 for chief executive Mike Wirth, who will turn 63 this year.
Mattel gained 1.8 per cent on expectations that the blockbuster Barbie movie will boost toy sales and licensing revenues. The film took in US$155 million in its first weekend in North America. AFP
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