US: Stocks extend record-setting rally

27 Apr9:48 PM

[NEW YORK] US stocks opened higher on Monday, extending last week's record-breaking rally at the start of a busy week on Wall Street that features Apple earnings and a Federal Reserve policy meeting.

The tech-rich Nasdaq Composite Index rose 12.83 points (0.25 per cent) to 5,104.91, after setting a fresh record for a second day on Friday.

The Standard & Poor's 500 index advanced 5.31 (0.25 per cent) to 2,123.00. The broad-market index squeaked into record territory on Friday.

The Dow Jones Industrial Average climbed 75.14 (0.42 per cent) to 18,155.28.

Apple was up 1.8 per cent ahead of its first earnings report as a member of the blue-chip Dow. The tech giant is to report second-quarter earnings after the markets close. Apple has beaten profit estimates for the past eight quarters, noted John Plassard of Mirabaud Securities.

Investors also awaited the outcome of a two-day meeting of the Federal Open Market Committee, the Fed's policy arm, on Wednesday for signs of the timing of an interest rate increase, expected this year.

"An Apple earnings report and an FOMC meeting in the same week is a little like having Christmas Day twice in the same week," said Patrick O'Hare of Briefing.com.

AFP