Stocks closed with modest gains on Wall Street Monday, extending the major indexes' recent record-setting run.
Flexport CEO Ryan Petersen knows logistics. After touring the Port of L.A., he came up with some solutions to the container ship backlog.Losses by technology, communication and healthcare companies kept the S&P 500′s gains in check. Microsoft fell 0.7%, Google parent Alphabet slid 3.1% and UnitedHealth Group dropped 1.4%.
“We’re starting to see corporate earnings come in and the fear was that you’d not have pricing power and you’d see that impact in margins,” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management. “But so far, we’re seeing companies either do one or both of two things: be able to raise prices and have consumers pay those prices or to use technology to improve efficiency to offset some of those input prices.
The broader market is coming off its best month in nearly a year, with the S&P 500 gaining 6.9% in October. The index, which stumbled in September with a 4.8% loss, is now up 22.8% for the year. Stocks have been gaining ground for weeks as investors monitored a steady flow of mostly encouraging corporate earnings.
Investors will also be watching another policy meeting by the Federal Reserve, which is in the process of considering how to wind down its extraordinary support measures for the economy. The central bank will release its latest statement Wednesday.
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