NEW YORK: Wall Street stocks finished mostly higher on Monday (April 10), shaking off early weakness ahead of key inflation data and bank earnings in the coming days.
This week’s calendar includes crucial consumer price and producer price reports – providing the latest snapshot of inflation – as well as data on March retail sales.
The session was the first since Friday’s release of March employment figures by the Labor Department, which showed that the US economy added 236,000 jobs last month while unemployment edged down.
The Dow Jones Industrial Average rose 101.23 points, or 0.3%, to 33,586.52, the S&P 500 gained 4.09 points, or 0.10%, to 4,109.11 and the Nasdaq Composite dropped 3.60 points, or 0.03%,
to 12,084.36.
“It’s a go nowhere day,” said Sam Stovall, chief investment strategist of CFRA Research in New York.
“Investors are still convincing themselves that the Fed will raise interest rates by 25 basis points in May which could add to the likelihood of an impending recession. And investor agita is increased ahead of (this week’s) CPI and PPI reports.
“Rarely can you injure yourself falling out of a basement window,“ Stovall added. “Expectations are set so low, the only surprise will be good news.”
Monday was the first opportunity for traders to assess the economic data because stock markets in New York were closed last Friday. European bourses remained on vacation on Monday, dampening the trading volume in the United States.
“It’s a bit of a wait-and-see trade here,” said Briefing.com analyst Patrick O’Hare.
First-quarter corporate earnings season begins in earnest as well, with reports due from several of the largest banks including JPMorgan Chase and Citigroup.
Among individual companies, shares of several chipmakers rallied after Korean giant Samsung announced it was cutting memory chips production.
This added to expectations that a global supply glut was being worked off.
Micron won 8% while Western Digital surged 8.2%, and Seagate Tech climbed 3%. – AFP, Reuters
Source: The Sun Daily
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