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S&P 500 and Nasdaq Close at Records as Earnings Are Week's Focus

The S&P 500 and Nasdaq close at records Monday as investors focus on the busiest week of earnings season.

The S&P 500 and Nasdaq closed at records Monday as investors focused on the busiest week of earnings season and a Federal Reserve that is expected to leave key policy settings unchanged.

The S&P 500 closed up 0.18% to 4,187, while the Nasdaq finished up 0.87% to 14,138. Both indexes also set intraday record highs.

The Dow Jones Industrial Average fell 61 points, or 0.18%, to 33,981. Consumer-products major Procter & Gamble  (PG) - Get Procter & Gamble Company Report led the Dow's decline, finishing off 2%. 

The S&P 500 set a record intraday high during Monday's session. The broad market index fell 0.1% last week, the S&P 500's first weekly loss in the previous five.

Jim Cramer: There Are 3 Market Bubbles Now but 2 Can Be Eliminated

More than 180 companies in the S&P 500 will be reporting earnings this week. They include such giants as Tesla  (TSLA) - Get Tesla Inc Report,  (AMZN) - Get, Inc. Report, Microsoft  (MSFT) - Get Microsoft Corporation Report, Alphabet  (GOOGL) - Get Alphabet Inc. Class A Report and Apple  (AAPL) - Get Apple Inc. Report.

Top Earnings to Watch: Tesla, Microsoft, Apple and Facebook

After the close on Monday Tesla is expected by analysts to report first-quarter earnings of 75 cents a share on sales of $10.48 billion. It would be Tesla's seventh straight quarterly profit.

Tesla Earnings Preview: Revenue Surge on China Demand, Focus on Margins

Corporate earnings have been mostly positive so far this earnings season. More than 85 of the 125 companies that have reported so far have topped analysts' forecasts. 

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First-quarter profit for companies in the S&P 500 are expected to rise 34% from a year earlier to a share-weighted $362.8 billion, according to forecasts from Refinitiv.

Economic data also have pointed to an economy primed for a strong recovery.

Continued support from the U.S. government and the Federal Reserve, which meets Tuesday and Wednesday this week, also have put the U.S. on a firmer path than countries such as India and Brazil, which are struggling with a surge in COVID-19 cases.

The yield on the benchmark 10-year Treasury was unchanged Monday at 1.567%.

“We’re gearing up for a busy week on all fronts," said Chris Larkin, managing director of trading and investing product at E-Trade Financial. 

“Big tech earnings, a look into Q1 GDP, and the Fed meeting could create catalysts for market moves. Though despite the strong earnings reports we’ve seen thus far, the market is really taking beats in stride amid already high valuations.”

Apple, Amazon, Alphabet and Microsoft are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stocks? Learn more now.

Bitcoin was rallying Monday following a two-week stumble for the world's largest cryptocurrency.

Bitcoin jumped 8.18% on Monday to $53,875, according to CoinDesk. The digital asset set a record of $64,829 earlier this month, largely on the back of enthusiasm for the direct listing of Coinbase Global  (COIN) .

JPMorgan Chase  (JPM) - Get JPMorgan Chase & Co. Report reportedly will offer an actively managed bitcoin fund to its clients later this year, a move that would signal a significant change in focus for a bank whose CEO once called bitcoin a "dangerous fraud."