NEW YORK, Jan. 29 (Xinhua) -- U.S. stocks edged higher on Monday, as investors eagerly awaited key events this week.
The Dow Jones Industrial Average rose 224.02 points, or 0.59 percent, to 38,333.45. The S&P 500 added 36.96 points, or 0.76 percent, to 4,927.93. The Nasdaq Composite Index increased 172.68 points, or 1.12 percent, to 15,628.04 and hit a new 52-week high.
Ten of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and technology leading the gainers by adding 1.37 percent and 0.97 percent, respectively. Meanwhile, energy bucked the trend by dropping 0.20 percent.
Tesla took the spotlight today, with its shares surging 4 percent and propelling the broader tech sector higher. Nvidia, Meta, and Microsoft joined the upward climb, gaining roughly 1 percent apiece. Apple, however, bucked the trend, with its stock edging down 0.4 percent.
Wall Street braces for a deluge of earnings this week, with roughly 100 S&P 500 companies set to report their financial performance. Investors anxiously await results from tech titans like Alphabet and Microsoft on Tuesday, followed by the likes of Meta, Amazon, and Apple on Thursday.
The U.S. Treasury Department expects to borrow 760 billion dollars in the first quarter, according to a press release published Monday afternoon. The yield on the 10-year U.S. Treasury slipped to as low as 4.06 percent, its largest daily decline of the year.
Meanwhile, investors await the Federal Reserve's policy decision on Wednesday, with hopes pinned on Fed Chair Jerome Powell's remarks after recent data hinted at easing inflation and strong economic performance. While interest rate hikes are likely to pause at 5.25 percent, Powell's clues about future cuts, especially after earlier anticipation for March, will be closely parsed for market direction.
"This week could be key," said Chris Larkin, head of trading and investing at E-Trade. "If the market is going to sustain its latest breakout, it may need to avoid earnings disappointments from this week's Big Tech lineup, get encouraging news from the Fed on interest rates, and see jobs numbers that are solid, but not too hot."
