Stocks opened higher again on Monday, adding a streak that gave the market its best weekly gain since November of last week. To counter the effect of coronovirus, investors continue to focus on the company’s earnings and higher prospects for greater economic stimulus.
The S&P 500 was 0.5% as of 9:55 PM Eastern Time. The Dow Jones Industrial Average rose 0.6% and the Nasdaq Composite rose 0.6%. Small-company stocks continued to outperform the rest of the market, with the Russell 2000 index of small-company shares up 1.1%, an indication that investors are feeling optimistic about the economy.
Investors have been encouraged by the surprisingly good corporate earnings report, the recent increase in recent new coronovirus cases, and progress in the delivery of vaccines.
In another sign of optimism, Treasury yields continued to rise. The yield reached 1.19% on a 10-year Treasury note, where it had doubled six months earlier. While there have been almost zero signs of inflation in recent months, investors believe that trillions of dollars in improving economic fortunes and incentives may make stocks more attractive, and therefore increase bond yields as their Prices fall.
Tesla grew 2.5%, with the company saying it had bought $ 1.5 billion in bitcoins and allowed customers to pay for their electric vehicles with digital currency. Bitcoin was down 14% to $ 43,715 according to digital currency brokerage Coinbase.
Investors continue to see shares of Gametop, AMC Entertainment and other beaten-down companies that have been the focus of online investors for the past several weeks. GameStop shares were up slightly, but still relieved from the steep decline felt last week. Just this month GameStop shares are down 80%.
Copyright 2021 associated Press. All rights reserved. This content may not be published, broadcast, rewritten or redistributed.