SP 500 Reaches Record High As Financials Lead the Way

Energy stocks fell flat, however, as President Trump urges OPEC to increase production

0
218
SP-500-Reaches-Record-High-As-Financials_Lead

Financials led the way as the S&P 500 reached an all-time high earlier on Monday. The broad index gained 0.11 percent, closing at 2,943.03, which broke the previous record set in September of last year.

Citigroup and Bank of New York Mellon each rose around 2 percent each as they led the gains in the financial sector, which gained a total of  0.9 percent.

The Dow also rose higher as did the Nasdaq Composite. The Dow rose 0.04 percent, while the Nasdaq climbed to 8,161.85, or 0.19 percent higher.

As the Federal Reserve weighs its interest rate decision, U.S. government bond yields rose higher. The Feds are set to render a decision by Wednesday concerning its monetary policy.

In spite of depressed inflation data, bank stocks rallied and picked up gains on ten-year U.S. bonds.

Citigroup, Goldman Sachs, and Morgan Stanley each closed higher in spite of subdued economic data.

Chief market strategist at National Securities, Art Hogan, said, “This may be the busiest week of everything in terms of catalysts. It makes sense for us to be sideways heading into that at best.”

Personal consumption expenditures, or PCE, fell to 1.8 percent in the past 12 months. The Federal Reserve uses the PCE to measure inflation levels.

Twitter led the rally in communication stocks, adding to gains from the past week that surpassed expectations within the investment community. Facebook also rose 2 percent.

Industrial stocks were mixed as Boeing slowed, while Gardner Denver rallied. Gardner Denver ended 15.8 percent higher. There is talk of a parital merger with Ingersoll-Rand, which may have prompted the surge. Ingersoll-Rand stock also rose at 6.5 percent.

Ingersoll-Rand, along with Archer-Daniels-Midland and Mattel, had the highest gains in today’s S&P 500 session.

Stocks in the energy sector ended flat. Oil priced had minimal gains after President Trump called for OPEC to increase production and cap prices.

The worst performers of the session were Coty, Weyerhaeuser, and CH Robinson Worldwide.

LEAVE A REPLY

Please enter your comment!
Please enter your name here