Wall Street stocks closed higher on Monday as market participants braced for a week full of quarterly earnings reports.
At the close, the Dow Jones Industrial Average was up 0.30% at 33,987.18, while the S&P 500 advanced 0.33% to 4,151.32 and the Nasdaq Composite saw out the session 0.28% firmer at 12,157.72.
The Dow closed 100.71 points higher on Monday, taking a bite out of losses recorded in the previous session as traders digested earnings from a number of major US banks.
Earnings will continue to dictate investor sentiment this week, with heavyweights Bank of America and Morgan Stanley publishing their latest quarterly figures on Tuesday and Wednesday, respectively, while outside of the banking sector, Netflix earnings will be on deck tomorrow, Tesla will publish its results on Wednesday, and Procter & Gamble will update on recent trading on Friday.
On the macro front, the Federal Reserve‘s NY Empire State manufacturing index unexpectedly rose to 10.8 in April, up from -24.6 in March and smashing forecasts for a print of -18. The print marked the first increase in manufacturing in New York state in five months and the strongest since July 2022.
Elsewhere, the National Association of Home Builders/Wells Fargo housing market index increased to 45 in April, a fourth straight month of growth and the highest level seen since September 2022. The current sales gauge rose to 51 from 49, while sales expectations in the next six months increased to 50 from 47, and traffic of prospective buyers remained flat at 31.