The S&P 500 climbed to a record high close on Tuesday as investors digested a mixed bag of early quarterly results and awaited a slew of additional reports from Tesla and other companies later this week. It was the third straight all-time high for the benchmark stock index.
Canada’s commodity-linked main stock index rose to a one-week high, as mining shares rallied on hopes that China would take measures to support its ailing economy.
Many investors view upcoming quarterly reports from the heavily weighted “Magnificent 7″ group of megacap companies as key to whether Wall Street’s recent rally continues or loses steam.
“It’s a crescendo of reports Wednesday and Thursday, and then next week will be even busier,” said Art Hogan, chief market strategist at B. Riley Wealth. “We’ve got a lot of things to contemplate over the course of this week and next that will likely will end up being a market positive.”
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