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© Reuters. Traders work on the ground at the NYSE in New York
By Shreyashi Sanyal and Amy Caren Daniel
(Reuters) – US stocks edged up on Monday as Nasdaq and Nasdaq hit record highs, while consumer spending rose in March and good inflation data underscored the accommodative stance of the stock market. Federal Reserve on interest rates.
Hopes of a commercial resolution and optimistic earnings fueled a recovery in the benchmark this year. The index crossed for the first time this year its record of 2,940.91, reached on September 21, restoring investor confidence in the upward trend of the decade.
A Commerce Department report indicated that US consumer spending had increased to a maximum of more than 9½ years in March, but price pressures were still muted, a key measure of inflation its lowest annual gain in 14 months.
"Record records show investors are paying attention to better than expected earnings, stabilizing economic data and expectations that the Fed will be sidelined," said Ryan Nauman, market strategist at Informa Financial Intelligence at Zephyr Cove. . , Nevada.
"If we look in more detail at the results, it's not terrible, but we now know that the economy is growing and the Fed continues to sit on the sidelines."
The Federal Open Market Committee will announce its interest rate decision after a two-day meeting starting Tuesday.
Interest rate-sensitive financial companies grew 1.11%, the largest share of the top 11 sectors. While the banking sector gained 1.73%.
In another busy week of profits, about 160 S & P 500 companies, including Google-Alphabet (NASDAQ 🙂 Inc. and Apple Inc. (NASDAQ :)), are expected to release their quarterly results.
Analysts now expect S & P 500 earnings to decline only 0.2%, a sharp improvement from a 2% decline estimated at the beginning of the month, according to Refinitiv data.
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.
At 11:14 (ET), the increase was 5.79 points, or 0.02%, to 26,549.12. The S & P 500 gained 3.53 points, or 0.12%, at 2,943.41, and 14.38 points, or 0.18%, at 8,160.77.
Utilities and defensive real estate led declines in the seven largest S & P sectors trading in red.
Among other titles, Ingersoll-Rand jumped 6.30%, the largest number of S & P companies, after the Wall Street Journal announced that Gardner Denver Holdings Inc. was about to sign an agreement to acquire a unit from the air conditioner manufacturer.
Boeing (NYSE 🙂 Co reversed the trend and rose 0.4% after Chief Executive Officer Dennis Muilenburg attempted to boost shareholder confidence in the company at its first general meeting after two fatal 737 MAX.
Increasing issues outnumbered the decliers with a ratio of 1.72 to 1 on the NYSE and a ratio of 1.78 to 1 on the Nasdaq.
The S & P index posted 34 new highs over 52 weeks and no new lows, while the Nasdaq recorded 65 new highs and 12 new lows.
(The story remiled removes superfluous words from the second paragraph.)
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