U. S. Shares continue surging on corporate earnings

U.S. stocks rose as traders watch earnings reports from technology heavyweights including Facebook, while keeping in mind inflation-related concerns and rising Covid-19 risks.

Energy and materials sectors are on the lead of the S&P 500 higher after the index whipsawed traders at the start of Monday’s U. S. session. PayPal shares rose after the company said it isn’t pursuing an acquisition of Pinterest.

Tesla advanced after receiving an order for 100,000 cars from Hertz Global Holdings. Largest U.S. technology companies are set to report earnings, starting with Facebook on Monday.

Wall Street is brushing off concerns about Facebook. The Dow and S&P 500 both hit record highs while Tesla shares soared to a new all-time peak above $1,000 and sending the company’s market share past the $1 trillion level.

The Dow was up more than 75 points, or 0.2%, Monday afternoon and is now within striking distance of topping the 36,000 level for the first time. The S&P 500 rose 0.5% and the Nasdaq gained 0.9%.

The market is demonstrating that it is favoring earnings reports over economic reads, so one of this week’s most significant headlines will be the big tech earnings.