The Dow Jones Industrial Average jumped over 200 points or 0.8%, while the S&P 500 and Nasdaq Composite were higher by 0.54% and 0.08%, respectively.
The gains are extending Friday’s rally powered by robust corporate earnings.
Eighty-six percent of S&P 500 companies have reported positive profit surprises for the quarter, as noted by FactSet’s John Butter. If this percentage holds it will mark the highest percentage of S&P 500 companies on record.
In stock news, Warren Buffett’s Berkshire Hathaway is in focus on reports Greg Abel, who runs the conglomerate’s energy arm, will succeed the 90-year-old Oracle of Omaha when he is no longer at the helm of the company.
In deal news, Verizon has confirmed it will sell its media assets including AOL and Yahoo to private equity firm Apollo for $5 billion. The new company will be called Yahoo and will continue to be led by CEO Guru Gowrappan.
Plus, there several key reports on jobs coming, starting with Wednesday’s ADP data, weekly jobless claims on Thursday, which have fallen to the lowest level since the pandemic, and Friday’s monthly payroll report, which is expected to show U.S. employers added 978,000, a rise from the 916,000 added in March. The unemployment rate is expected to tick down to 5.8% from 6%, according to economist’s estimates.
In commodities, oil was marginally higher trading at $63.73 per barrel, while gold rose to $1,781 an ounce.