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U.S. stocks rose to record highs Monday, supported by interest rate cuts, while investors waited for big companies such as Facebook, Alphabet and Amazon to report quarterly results later this week.
Facebook (FB.O) rose 2% and will release its results after closing on Wednesday. Amazon (AMZN.O) and Google parent Alphabet (GOOGL.O) both rose by more than 0.7%. The two companies will release their results on Thursday.
Investors'reaction to the performance of these top growth companies may affect overall market sentiment, with the S& P 500 index about 1% below its record high set on July 15.
"How will this affect my other technology stocks and the market as a whole? This is more worrying than my actual investment in Alphabet, "said Jake Dollarhide, chief executive of Longbow Asset Management.
The technology stock index jumped 1.2%, the biggest increase among S&P 500 stocks; the Philadelphia chip index jumped nearly 2%. Apple shares rose 2.3 percent to $207.22 after Morgan Stanley raised its target price from $231 to $247.
Boeing (BA.N) fell 1.0% to depress the Dow Jones Industrial Index. DJI after Fitch lowered its outlook from "stable" to "negative", while the Nasdaq index, dominated by technology stocks, was boosted by chip manufacturers.
The European Central Bank will hold a policy meeting on Thursday, with the possibility of a 10 basis point cut in interest rates expected by the money market exceeding 50%. Federal Reserve officials will meet in a few days, and the Fed is widely expected to cut interest rates by at least 25 basis points.


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