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U.S. stocks inched higher Monday, building on last week’s highs, ahead of a busy week of earnings from technology companies.
The Dow Jones Industrial Average added 40 points, or 0.1%, after the blue chip index on Friday closed above the 35000 milestone for the first time. The S&P 500 rose 0.2% and the Nasdaq Composite slipped less than 0.1%. All three indexes closed at records Friday.
Investors are awaiting earnings from a flurry of American companies including giant technology firms this week that will indicate how large businesses are weathering the pandemic and a recent uptick in inflation. Electric-car maker Tesla is due to report after the closing bell. Apple , Amazon.com and Google parent Alphabet are on deck later this week. All four stocks traded modestly higher midday Monday.
“This week is really where we enter crunchtime for earnings,” said Hugh Gimber, a strategist at J.P. Morgan Asset Management. “With tech names reporting, the bar is high.”
Rising concerns over the Delta variant of Covid-19 and worries over economic growth are likely to challenge the pace at which the U.S. stock market will rise in the coming weeks, some investors say. Money managers also are awaiting guidance from the Federal Reserve this week, including policy makers’ outlook on inflation and any clues on when the central bank may start scaling back its bond purchase program.