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Stocks Hit New Highs Ahead of Earnings

Jeremy Glaser

U.S. Market
Stocks rose today ahead of second-quarter earnings seasons and after Friday’s strong jobs report. The S&P 500 closed at am all-time high.

Politics was in focus this morning. Japan’s ruling Liberal Democrats, and their collation partner, won 70 of 121 seats in upper house elections held over the weekend. The result is seen as boosting the prospects of further stimulus in Japan.

The pound rallied after Andrea Leadsom unexpectedly dropped out of the race to be Prime Minster of the UK, leaving Theresa May as the sole candidate. May is likely to take over by Wednesday of this week, averting a months long leadership battle.

At midday the S&P 500, Dow and Nasdaq were up 0.3%, 0.4% and 0.6% respectively.

Stocks on the Move
There was limited corporate news this morning.