The S&P 500 and Nasdaq closed at record highs on Monday, with stocks sustaining their momentum amid a rebound in corporate profits and brightening outlook for the U.S. economy.
Along with lifting bullish investors, stocks’ strong performance will reassure the White House as it pushes ahead with an ambitious agenda to invest trillions of dollars in infrastructure and to reform taxes. Stocks have had their best run during President Joe Biden’s first 100 days in office than since the Eisenhower administration in the 1950s, according to CNBC, citing FactSet data.
With millions of vaccines going out daily and trillions of dollars worth of government-led economic support being paid out, investors have turned much of their attention to how well the global economy — and corporate earnings — will do in the recovery. Corporate profits in the S&P 500 are expected to be up 24% from this time a year ago, according to FactSet.