ALBAWABA - The U.S. stock indexes closed with collective gains on Monday, supported by bank and technology stocks, as investors remained optimistic about the second-quarter 2023 corporate earnings.
Expectations are high as companies such as Tesla and Netflix are set to announce their profits this week, along with major banks like Bank of America, Morgan Stanley, and Goldman Sachs.
Performance of Key U.S. Indexes:
The Dow Jones index rose by 0.22%, equivalent to about 76 points, achieving its sixth consecutive daily gain and the highest closing in nearly 8 months.
Similarly, the S&P 500 and Nasdaq Composite indexes climbed about 0.4% and 0.9% respectively, marking their highest levels in approximately 16 months.
Apple Stock:
Apple stock surged by approximately 1.7%, achieving a new record closing and surpassing a market value of $3 trillion. It added around $52 billion in this session.
This boost followed Morgan Stanley's increase of Apple's target price by $30 to $220 per share, citing the potential value of Apple's operations in India reaching $40 billion over the next decade.
Ford Motor Stock:
Conversely, Ford's stock declined by about 6% on Monday, recording its largest daily loss in 6 months. The drop came after the automaker lowered the prices of its F-150 Lightning trucks amid an ongoing price war among electric vehicle manufacturers.
