Wall Street ends quiet session marginally higher
Major equity indexes in the U.S. recorded moderate gains on Monday and remained relatively calm amid a lack of macroeconomic data releases and political developments. Nevertheless, robust second quarter earnings from big corporations and last Friday's upbeat nonfarm payroll report continue to keep the positive market sentiment alive.
Commenting on today's market action "today there's a lack of conviction either way. There's no reason to be a seller yet and there's no reason to be a buyer at these levels as earnings season winds down and you don't have much in the way of economic news this week," Robert Pavlik, chief market strategist at Boston Private Wealth in New York, told Reuters.
Falling crude oil prices on Monday weighed on the S&P 500 energy sector .SPNY, which dropped nearly 1%. The barrel of West Texas Intermediate settled at $49.39, losing 0.5%. However, technology and consumer sectors' .SPLRCS, up 0.7%, and its technology .SPLRCT, up 0.6%
The Dow Jones Industrial Average closed the day higher for the ninth session in a row at 22,118.42, adding 25.6 points, or 0.12%, after recording a fresh record high at 22,121.20. The S&P 500 added 4.08 points, or 0.16%, to 2,480.91 and the Nasdaq Composite gained 32.21 points, or 0.51%, to 6,383.77.
Headlines from the U.S. session:
- Forex today: DXY under water on dovish Fed talk
- US: Consumer credit increased at a rate of 4.5% during Q2
- US Treasury yields slightly lower on quiet day
- North Korea high on US Security Council's agenda, imposing new sanctions - UOB
- Fed's Kashkari: Reducing immigration to U.S. will slow economic growth
- US: Budget deficit to be higher FY 2017 than previously estimated - Wells Fargo
- Fed's Kashkari: Overall US economy is doing pretty well
- US Dollar unresponsive to Bullard comments, remains flat on day above 93
- Fed's Bullard: Expectation of tighter ECB policy is behind US dollar decline this year
- WTI plummets below $49.00, session lows