Further fueling gains, strong earnings have kept the markets going. S&P 500 companies are expected to have generated overall profit gains of 7.5% in the last quarter – their largest rise since the fourth quarter of 2014.
On Monday, retailers were rallying after Wal-Mart (NYSE: WMT) reported higher-than-expected U.S. sales and department store bellwether Macy’s (NYSE: M) posted profits that topped estimates, with the SPDR S&P Retail ETF (NYSEArca: XRT), the largest dedicated retail exchange traded fund, up 0.8%.
The energy sector was also among the leaders Monday, with the Energy Select Sector SPDR (NYSEArca: XLE), the largest equity-based energy exchange traded fund, 0.9% higher after the Organization of Petroleum Exporting Countries said it was adhering to its agreed production cuts, lifting crude oil prices.
“All countries involved remain resolute in the determination to achieve a higher level of conformity,” OPEC Secretary General Mohammad Barkindo said in a conference, according to Reuters.
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