Stock Market in the United States closed higher on Monday and ahead of the season of income that will start from this week, along with quite a few bigger banks which have been set to report the earnings.
Market participants will also lookup for updates concerning the United States Federal Reserve’s monetary policy. This is because the Fed Chairman, Jerome Powell, is set to affirm before Congress during this week. As a result, all the three major stock indexes called it a day in green.
The S&P 500 index rose at the rate of 0.4%, closing the day at 4,384.63 points which is a new closing high, continuing its gains for the second successive conference. The Financials Select Sector SPDR (XLF) and the Real Estate Select Sector SPDR (XLRE) had gained almost 1% and 0.9%, respectively. 9 out of 11 sectors of the benchmark index had closed in the positive zone while two closed in a red one.The earnings season is projected to be stronger. As per the latest estimates done on July 9, 2021, the total earnings in the second quarter for S&P 500 are expected to increase by 62.2% from the same period last year on 18.2% higher revenues.