U.S. stock futures are flat as investors await a decision from the Federal Reserve on its tapering schedule.
but the 80% surge that followed was likely fueled by a short squeeze.
In regular trading, the Dow rose 138.79 points to 36,052.63. The S&P 500 added 0.3% and the Nasdaq Composite gained 0.3%. All three major averages closed at records for the third session in a row. The small cap Russell 2000 rose slightly and closed at an all-time high. Equities rose as strong companies continued to deliver strong earnings reports. Of the S&P 500 companies that have reported so far this earnings season, 83% of them have beat consensus expectations, according to FactSet. That's despite ongoing supply chain disruptions, labor challenges, commodity inflation, central bank policy and Covid risk.
"Stocks are like the Energizer Bunny, as they continue to soar to new highs and show no signs of tiring," said Ryan Detrick, chief market strategist for LPL Financial. "We understand all of the worries out there, but the bottom line is earnings continue to come in way better than expected and are helping to justify stocks are current levels.""The primary market trend appears higher," said Keith Lerner, co-chief investment officer at Truist.
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