Stocks Rise Monday – US Market Wrap
US equities eked out a gain as traders parsed commentary from Federal Reserve policymakers and saw scope for further easing after last week’s half a percentage point interest-rate cut.
The S&P 500 advanced 0.3%, a whisker away from last week’s all-time high as Fed officials reflected on the central bank’s policy path. In a sign that the market’s gains may be broadening out, an equal-weighted version of the benchmark rose 0.5% to close at a record. The Dow Jones Industrial Average also closed at a record while the Nasdaq 100 rose 0.3%.
Among individual movers, shares of Intel climbed 3.3% after Apollo Global Management was said to have offered to make a multibillion-dollar investment in the chipmaker. Boeing advanced some 2% after offering sweetened deal terms to striking workers.
Data showing US business activity is robust even as growth moderates stoked confidence the world’s largest economy can nail a soft landing. US business activity expanded at a slightly slower pace in early September, according to data released Monday, while expectations deteriorated and a gauge of prices received climbed to a six-month high.
Traders have been wagering on nearly three-quarters of a point of policy easing by year end, suggesting at least one more jumbo rate cut is in store. Wall Street and policymakers alike are awaiting jobs data for more clues on the direction of the economy.
