The S&P 500 hit a new record on Monday, as strong performance of technology and bank stocks sent the index to climb this month.
Heavily weighted Apple has been the biggest contributor to the S&P 500 in October of a long shot, as Apple shares are up 10.1% this month, contributing 1.27 points alone to the S&P 500's October gain due to its large size. The S&P 500 is up more than 2%, or more than 45 points, this month to 3022.55 through Friday.
UnitedHealth and JP Morgan Chase were the second largest and third largest contributors to the index for the month, climbing 1
The top ten contributors to the S&P 500 of October have largely been rounded up by other technology companies and banks: Facebook, Intel, Bank of America, Nvidia, Google parents Alphabet, Microsoft and Biogen.
Bank shares have benefited from recent bond yields, while many of the technology stocks have been relieved by the optimism surrounding China's trade negotiations. Companies like Apple and Nvidia have significant exposure to the trade war with China through supply chains and sales. Investors are also growing optimistic about Apple's iPhone sales. Apple reports earnings on Wednesday.
Stocks hitting all-time highs
J.P. Morgan shares peaked at all times on Friday, leading a pack of shares that set a record at the end of last week. Bank of America's stock hit its highest level since October 2018, while Western Union stocks rose to levels not seen since September 2008.
Charter Communications, O & # 39; Reilly Auto, Illinois Tool Works and Sherwin Williams is a few other stocks that reached the all-time high on Friday. Both Phillips 66 and Valero traded at levels not seen since October last year.