Dow climbs more than 100 points, Tesla’s 15% pop pushes Nasdaq to close higher: Live updates

Stocks closed higher Monday, lifted by Tesla, while traders geared up for a week dominated by corporate earnings and a Federal Reserve meeting.

The S&P 500 rose 0.32% to 5,116.17, while the Nasdaq Composite added 0.35% to 15,983.08. The Dow Jones Industrial Average added 146.43 points, or 0.38%, to end at 38,386.09.

Tesla jumped more than 15%, providing upward momentum to the market after clearing a key hurdle for full self-driving technology in China. Apple climbed around 2.5% on the heels of a bullish upgrade from investment firm Bernstein. But those gains were somewhat mitigated as Big Tech peers Microsoft, Alphabet and Meta all finished lower.

Domino’s Pizza popped more than 5% after reporting earnings that topped analysts’ expectations Monday morning. Apple, McDonald’s, Coca-Cola and Amazon are also among the major companies sharing quarterly financials this week.

Those releases come during what is shaping up to be a strong earnings season. Of the more than 46% S&P 500-listed firms that have posted results so far, about 4 out of every 5 have surpassed expectations, according to FactSet.

Despite Monday’s gains, the Dow is set to finish April down more than 3.5%. The S&P 500 and Nasdaq Composite are both poised to end the trading month, which concludes with Tuesday’s closing bell, more than 2% in the red.

“We are still in that pullback phase,” said Larry Tentarelli, chief technical strategist of the Blue Chip Daily Trend Report. But, “I think … it is going to turn out to be just that: a pullback. I don’t think it’s a change of trend.”

The Fed is set to release its latest interest rate announcement on Wednesday. While the central bank is widely anticipated to keep the borrowing cost unchanged, investors will still closely monitor the post-announcement press conference with Chair Jerome Powell.