The S&P 500 index closed at an all-time high Monday, extending a recent string of gains in what’s mostly been a solid month for the market. AP reports:
The benchmark index closed at 3,039.42, around 14 points above its previous record set on July 26. The S&P 500 notched its latest milestone after weeks of hovering just below its prior high.
Monday’s rally came at the beginning of a busy week of corporate earnings and economic reports and with investors expecting another interest rate cut by the Federal Reserve.
Coming into this week, investors have been encouraged as most of the companies that have reported quarterly results the past couple of weeks that beat Wall Street analysts’ forecasts for earnings growth.