U.S. stocks made gains Monday, adding to last week’s rally and ahead of key technology company earnings reports this week.
The Dow Jones Industrial Average rose 417.06 points, or 1.34%, to close at 31,499.62. The S&P 500 rose 44.62 points, or 1.19%, to 3,797.37, and the Nasdaq Composite climbed 92.90 points, or 0.86%, to 10,952.61.
All three indexes had their biggest weekly gains since June last week, with the Dow rising 4.9%, the Nasdaq 4.7% and the S&P 5.2%.
Apple (AAPL), Alphabet (GOOG), Amazon (AMZN) and Microsoft (MSFT) are each scheduled to release quarterly earnings this week.
Some of the stocks that rose included Twitter (TWTR), which closed at $51.52, up $1.63, or 3.27%. Qualcomm’s (QCOM) price of shares rose $0.64, or 0.55%, to close at $116.38
“It’s all about earnings, and in our view, earnings are coming in, honestly, at or below expectation,” Terry Sandven, chief equity strategist at U.S. Bank’s wealth management division, told CNBC.
He said inflation data and interest rates are both also setting the tone, but investors are currently clinging to earnings during the peak reporting season.
“To a large degree, as the next two weeks go, so too will the broad market go,” Sandven said.