Stocks rose higher on Monday as market participants looked for clues on the health of the U.S. economy in the latest batch of corporate earnings reports. The Dow Jones Industrial Average climbed over 100 points, while the S&P 500 Index and Nasdaq Composite both added about 0.3% each.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Standouts among the day's earnings reports included Charles Schwab
Besides the mixed reports on Monday, Bank of America
The week ahead is expected to continue be full of big Q1 earnings reports, with companies like Goldman
Elsewhere, market participants reacted to comments from U.S. Treasury Secretary Janet Yellen over the weekend over the state of the financial sector and how it may impact the Federal Reserve's interest rate hiking campaign.
"Banks are likely to become somewhat more cautious in this environment," Yellen told CNN on Saturday. "We already saw some tightening of lending standards in the banking system prior to [the collapse of SVB], and there may be come more to come."
Yellen said that if this trend of tightening continues, such action could serve as "a substitute for further interest rate hikes that the Fed needs to make."
In economic news, manufacturing activity in the New York region increased for the first time since November, according to the NY Fed Empire State Manufacturing Survey released Monday. The survey's general business conditions index rose more than 35 points to a reading of 10.8 in April, beating expectations for a reading in the negative teens.
Meanwhile, home builder sentiment for new housing starts rose in April for a fourth straight month. The National Association of Home Builders/Wells Fargo Housing Market Index increased to 45 in April; any reading below 50 is considered negative.
"Builders note that additional declines in mortgage rates, to below 6%, will price-in further demand for housing," said NAHB Chairman Alicia Huey in a statement. "Nonetheless, the industry continues to be plagued by building material issues, including lack of access to electrical transformer equipment."
In single-stock news, Alphabet
Apple
Looking ahead, traders will react to more high profile earnings reports as well as fresh economic data for the housing sector.