(NEW YORK) — Stocks rebounded Monday as companies kicked off earnings season.
The Dow Jones Industrial Average closed up 89 points at 15,225. The Nasdaq Composite rose 5 points to close at 3,485. While the S&P 500 closed up 8.57 points at 1,640.
Stocks added to gains from Friday’s strong jobs report, as investors turned their attention to the start of summer earnings season. After the close, aluminum giant Alcoa, reported second quarter results that beat estimates.
The White House says the budget deficit for the current fiscal year is estimated to shrink to $759 billion. That’s more than $200 billion less than the administration predicted just three months ago.
Meanwhile Americans were using their credit cards in May, increasing their borrowing at the fastest pace in a year. Borrowing reached its highest point since the fall of 2010. Some see it as a sign of increased consumer confidence.
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Parija Kavilanz, CNN
Paul R. La Monica, CNN