Dear Readers,
Stocks picked up on Monday where they left off Friday, extending their gains. The Dow Jones Industrial Average rose 177 points, or 0.46%, while the broader S&P 500 gained 1.03% and the tech-stuffed Nasdaq rose 1.19%. With little in the way of economic news due out, the focus is on earnings. This week is the last big one for first-quarter earnings, with 51 companies in the S&P 500 slated to release results. The earnings focus could help support the market: Not only are companies beating estimates — a usual occurrence — but they have on balance been providing upbeat guidance. Analysts typically cut current-quarter estimates during earnings season as companies try to temper optimism. But over the past month second-quarter estimates have been rising instead.
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