U.S. stocks closed only barely higher on Monday, but the modest gains were enough to nudge the Nasdaq composite to yet another record finish.
The tech-heavy Nasdaq ended the day up almost 9 points, or just 0.2%, which was enough to secure the tech-heavy index’s third straight record finish. The Nasdaq reached an all-time intraday high of 5,231.9 points before finishing the day at 5,218.9.
The Nasdaq is now up 10.2% on the year, gaining more than 5% in July alone. The index benefitted from strong trading days for tech stocks such as Facebook (FB) as well as Tesla Motors (TSLA), which unveiled upgrades to its Model S electric car. Apple’s (AAPL) stock also climbed nearly 2% a day before the tech giant reveals its latest quarterly figures.
The Dow Jones Industrial Average and the S&P 500 also experienced very modest gains on Monday, with both indices ending the day up almost 0.1%.
The relative lack of movement for the broader market comes as investors gird themselves for what is a jam-packed week of corporate earnings reports. In addition to Apple’s third-quarter report on Tuesday, fellow tech giants such as Amazon (AMZN), IBM (IBM), Microsoft (MSFT), and Yahoo (YHOO) all report earnings this week. Other large companies reporting this week include Coca-Cola (KO), Comcast Corp. (CMCSA), Verizon Communications (VZ), and AT&T (T).