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* The S & P 500 reaches a new intraday high: crossing 2,940.91
* Consumer spending rose in March
* Index up: Dow 0.04%, S & P 500 0.1%, Nasdaq 0.2% (Updates to close)
By Caroline Valetkevitch
NEW YORK, April 29 (Reuters) – The S & P 500 on Monday set an all-time record, bolstering the view that the bull market, which has lasted for a decade, should continue after that consumer spending increased in March and that inflation data were good.
The benchmark exceeded its intraday record of 2,940.91 reached on September 21, peaking at a high of 2,949.52. The S & P 500 is now up more than 17% for the year so far. The index with the Nasdaq also released another record on Monday.
Hopes for a resolution of the US-China trade war, optimistic profits and a Federal Reserve fed the rise in equities this year, and although Monday's gains were modest, strategists said that new highs encouraged purchases.
"This creates pressure to attract more buyers. Today's title accentuates the fear of missing. This will make the bears less bearish or more worried, they will be crushed, "said Jim Paulsen, chief investment strategist at The Leuthold Group in Minneapolis.
A Commerce Department report showed that US consumer spending rose the most in March, but a key measure of inflation posted its lowest annual gain in 14 months.
Inflation under control reinforces the Fed's recent decision to suspend interest rate hikes this year.
As trade talks enter their final stage, US negotiators travel to China on Tuesday to try to find details to end the protracted tariff dispute between the two countries.
In an interview on television on Monday, US Treasury Secretary Steven Mnuchin said he hoped the latest talks between the United States and China could seal a trade deal.
"It's really about the administration continuing to imply that a trade deal is near," said Rick Meckler, a partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey. Jersey. "People do not want to miss the expected recovery of this news."
The Dow Jones Industrial Average rose 11.06 points, or 0.04%, to 26,554.39 points, the S & P 500 gained 3.15 points, or 0.11%, to 2,943.03 points and the Nasdaq Composite added 15.46 points, or 0.19%, to 8,161.85 points.
The Fed begins a two-day meeting on Tuesday after which a decision on interest rates will be announced.
Another busy week of earnings is expected, with the results expected from Google Alphabet Inc. and Apple Inc., among other big names.
Analysts now expect S & P 500 corporate profits to fall 0.2% in the first quarter, a sharp improvement from a 2% drop earlier in the month, according to analysts. IBES data from Refinitiv.
Shares of Ingersoll-Rand jumped 6.5% after the Wall Street Journal announced that Gardner Denver Holdings Inc. was about to enter into an agreement to acquire a unit from the air conditioner manufacturer.
Increasing issues outnumbered declining issues at the NYSE with a ratio of 1.57 to 1; on the Nasdaq, a ratio of 1.54 to 1 has favored progress.
The S & P 500 has recorded 38 new highs in 52 weeks and no new lows; the Nasdaq Composite recorded 79 new highs and 25 new lows.
The volume of US trade amounted to 5.81 billion shares, against 6.56 billion on average over the last 20 trading days. (Additional reports of Shreyashi Sanyal and Amy Caren Daniel in Bengaluru and Sinead Carew in New York, edited by Tom Brown and James Dalgleish)
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