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the Dow (UNDUE) increased by 0.1%, or 27 points to a new record of 27,359 points. the Nasdaq Composite (COMP) climbed 0.2% for an unprecedented new high of 8,258 points.
the S & P 500 (SPX) Monday finished little changed but nevertheless in positive territory, exceeding his last record by about half a point. The S & P finished at 3,014 points.
The season of results will begin fully this week. As usual, the big banks go first and Citigroup (C) led the pack on Monday. The bank beat earnings estimates. Its shares recovered previous losses but are still down 0.1%, according to Refinitiv. JP Morgan (JPM), Goldman Sachs (GOLDMAN SACHS) and Wells Fargo (WFC) must appear on Tuesday.
Investors are also digesting Chinese GDP data – which has not had as much impact on inventories as expected, even though growth has hit a 27-year low.
The health of the Chinese economy has implications for global growth and is closely monitored by investors. Nevertheless, the traders have raised the data point.
The Chinese economy grew at a pace of 6.2% from one year to the next in the second quarter, its slowest quarterly growth rate since 1992. Despite the dramatic figure, the slowdown was expected.
President Donald
Trump tweeted in response, saying that "US tariffs have a major effect on companies wishing to leave China for non-tariffed countries". That's why Beijing wants to reach an agreement with Washington, he added.
A closer look at the data reveals that "under the stimulus of further stimulus from the government, June is headed for a slight recovery on several fronts," wrote Björn Giesbergen, senior economist at Rabobank. China has been committed to supporting its economy many times over the last few months.
While Chinese GDP growth slowed, retail sales for June exceeded consensus expectations and rose 9.8% year-on-year.
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