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US stocks reach new record highs

The three major US stock indexes closed at new record highs on Monday, buoyed by the positive earnings season.
US stocks reach new record highs US stocks reach new record highs US stocks reach new record highs US stocks reach new record highs US stocks reach new record highs

New York Stock Exchange

Staff reporter

The S&P 500 closed up 0.18% to 4,613.67, the Dow Jones added 0.26% to 35,913.84 and the Nasdaq rose 0.63% to 15,595.92.

At the end of last week, 56% of the companies in the S&P 500 had reported actual Q3 results, with 82% beating earnings estimates - above the five-year average of 76%, according to FactSet.

"If 82% is the final percentage for the quarter, it will mark with the fourth highest percentage of S&P 500 companies reporting a positive earnings surprise since FactSet began tracking this metric in 2008," it said.

"In aggregate, companies are reporting earnings that are 10.3% above estimates, which is also above the five-year average of 8.4%."

Gold is up slightly, by 0.6% from this time yesterday, to US$1,792 an ounce on the spot market.

Markets are awaiting the results of this week's US Federal Reserve FOMC meeting for an indication on tapering and interest rates.

Copper rose 1.9% to $9,993 per tonne over supply concerns amid community protests at mines in Peru.

In Toronto, Millennial Lithium (TSXV: ML) rose 28.5% as Lithium Americas trumped a rival bid made by CATL in September.

Lithium Americas (TSXV: LI) gained 12.25%.

Headed in the opposite direction, Harte Gold (TSX: HRT) fell almost 55% as it said it did not expect its strategic review process would result in a transaction that would provide any value for shareholders.