The Dow Jones has achieved the longest streak of daily gains in 6 years
US indices closed collectively higher in the Monday session, as investors bet on the non-technological sectors, with anticipation of the results of several important companies during this week, in addition to the interest rate decision next Wednesday.
Investors await earnings from Microsoft, Alphabet and Meta Corporation this week, which will show whether their shares justify the higher valuations.
In terms of economic data, investors shrugged off a survey indicating that business activity in the United States slowed in July to a 5-month low, dragged down by slowing services sector growth.
The Fed is expected to raise interest rates by 25 basis points at its policy-making meeting on Wednesday, the latest hike in the current tightening cycle, after data this month showed signs of abating in inflation.
The performance of the main US indices:
The Dow Jones index rose by 0.52%, equivalent to about 183 points, recording gains for the 11th session in a row, to achieve the longest series of daily rises in 6 years.
The S&P 500 index rose by 0.4%, supported by the rise in most of the 11 main sectors of the index, led by gains in energy stocks.
While the Nasdaq Composite Index gained 0.19% as investors looked to non-technology stocks.
Mattel stock:
Mattel stock rose 1.8% in the Monday session, closing near its highest level in 10 months
These gains for the toy maker came after the Barbie movie ranked first in US and Canadian cinemas.
The film grossed $155 million in ticket sales, setting a record as the highest debut of the current year, according to Warner Bros. statements.
Chevron stock
The stock jumped by about 2% in the Monday session, achieving its highest close in 3 months, after the oil giant announced optimistic preliminary quarterly profits.
The company disclosed a net profit of $6 billion for the quarter ending June 30.
Chevron said Sunday that its second-quarter earnings beat Wall Street estimates, and Chief Executive Michael Wirth also noted that the company remains open to more acquisitions and higher shareholder dividends this year.
