Another step in the recovery from this summer’s equity meltdown occurred Monday as an advance in U.S. stocks pushed the Nasdaq 100 Index above its July high and toward record territory.
The index’s 1.1 percent advance Monday moved its rally from an August trough to 17 percent, making it the first major index of U.S. stocks to retake a multiyear high established earlier in 2015. As of Monday’s close, the Standard & Poor’s 500 Index was more than 1 percent from its May 21 peak of 2,130.82, while the Dow Jones Industrial Average was more than 2.5 percent away from its last record.
Gains in the index have come in its biggest computer and software companies. Since the Aug. 25 low, Amazon.com Inc. is up 35 percent, Intel Corp. has rallied 32 percent and Facebook Inc. has jumped 24 percent. The index’s biggest member, Apple Inc. with a 12.9 percent weighting, has jumped 17 percent.
The S&P 500 added 1.2 percent to 2,103.94 at 4 p.m. in New York, rising to within 1.3 percent of its record set in May. The Dow Jones Industrial Average gained 164.88 points, or 0.9 percent, to 17,828.42.
More than 100 companies in the S&P 500 are scheduled to announce earnings this week. Of those that have released results this season, about 75 percent exceeded profit projections, while 55 percent missed sales forecasts. Analysts estimate earnings dropped 3.9 percent in the third quarter, up from predictions for a 6.1 percent decline a week earlier.