(CNBC) -- Stocks rebounded on Monday, after opening lower, as investors bet on a continuation of strong earnings reports from major companies. Tesla and Netflix gained ahead of third-quarter reports later this week.
The S&P 500 rose 0.3%, while the Dow Jones Industrial Average fell 40 points. The Nasdaq Composite gained 0.7%.
So far 41 S&P 500 components have reported third-quarter results, with 80% of them topping EPS expectations, according to data from FactSet. Taking into account the companies that have already reported and estimates for the rest, third-quarter profit growth will total 30%, the third highest quarterly growth rate for S&P 500 companies since 2010, according to FactSet.
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