By Anora Mahmudova, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks closed modestly higher
Monday, helping the S&P 500 to extend its winning streak to the
longest in six months.
Estimate-beating results from a number of companies on Monday
boosted sentiment amid thin volumes on Wall Street. More than 4.8
billion stocks changed hands across Nasdaq and NYSE exchanges, the
lowest number this year, according to FactSet.
Reporting ahead of the bell Monday, Halliburton Co. (HAL),
Hasbro, Inc. (HAS) and Kimberly-Clark Corp. (KMB) beat Wall
Street's expectations. Netflix, Inc. (NFLX) shares rose in
aftermarket trade after earnings topped estimates.
The S&P 500 (SPX) ended the day 7.04 points, or 0.4%, higher
at 1,871.89, rising for five straight sessions, its longest streak
since October.
The Dow Jones Industrial Average (DJI) closed 40.71 points, or
0.3%, higher at 16,449.25.
The Nasdaq Composite (RIXF) added 26.03 points, or 0.6%, to
4,121.55, also rising for the fifth straight session.
"The rally [last week] was supported by a deeply oversold
condition and improving economic conditions. The economy could be a
catch-22, however, should an increase in economic activity prompt
inflation to accelerate," wrote Bruce Bittles, chief investment
strategist at Baird.
In economic news, the Chicago Fed National Activity Index
decreased slightly in March. However, the Conference Board's
leading economic index rose in March and February, signaling that
growth could accelerate in coming months. Newscast: U.S. economy
picks up steam, Conference Board finds
Netflix rallies in after hours market
One of the busiest weeks for earnings releases began with the
results of Halliburton and Netflix, Inc.
After the close, Netflix Inc. (NFLX) shares rallied over 7%
after earning topped estimates. The video streaming company added
2.25 million subscribers in the U.S., meeting its own forecast.
Live Blog: Netflix's first-quarter earnings results.
Ahead of the bell on Monday, Halliburton (HAL) reported that it
swung to a first-quarter profit. Revenue also improved and results
beat expectations. Shares rose 3.3%.
Kimberly-Clark (KMB)posted estimate-beating profits, which
largely came from lower costs as sales were weaker. Shares slipped
1.4%.
Hasbro Inc. (HAS) shares rose 1.9% after the toymaker said it
swung to a first-quarter profit from a loss in the same quarter
last year, thanks to sales of its girls toys category.
Shares of Advanced Micro Devices Inc. (AMD) rose 12% to $4.12
after the company reported better-than-expected results late
Thursday.
Shares of Sarepta Therapeutics Inc. (SRPT) soared 39% to $33.98
after the company announced plans to submit a new drug application
to the Food and Drug Administration for the treatment of Duchenne
Muscular Dystrophy by the end of the year.
Shares in Weibo Corp (WB) rose 12% to $22.61 on the second
trading day. Shares gained 5% on their debut trading on Thursday,
after the company raised $268 million by selling 16.8 million
U.S.-listed shares at $17.
This week, the deluge of corporate earnings includes Apple Inc.
(AAPL), Microsoft Corp. (MSFT), Boeing Co. (BA) and Caterpillar
Inc. (CAT)
European markets closed for Easter Monday
Several global markets remained closed on Monday, including
those in Europe, plus Australia, Hong Kong and New Zealand. The
Nikkei 225 index closed up 0.6%, while other markets closed flat to
slightly lower.
Gold(GCM4) eased back, but oil prices (CLK4) ticked up. The
dollar rose to a two-week high against the Japanese yen (USDJPY)
after Japan's trade deficit expanded by more than expected last
month.
More must-reads from MarketWatch:
Long view on stocks is best during weak earnings season
Tech trouble: Stocks fall as investors want profits
Home sales getting crimped by more than the weather
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