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U.S. Stocks Move Modestly Higher, S&P 500 Climbs Further Above 5,000

|   Markets

 

WASHINGTON (dpa-AFX) - After initially showing a lack of direction, stocks have moved modestly higher over the course of the trading session on Monday. With the uptick, the S&P 500 has climbed further above the 5,000 level.

Currently, the major averages are just off their highs of the session. The Dow is up 40.26 points or 0.1 percent at 38,711.95, the Nasdaq is up 42.48 points or 0.3 percent at 16,033.14 and the S&P 500 is up 4.59 points or 0.1 percent at 5,031.20.

The modest strength that has emerged on Wall Street may partly reflect an extension of recent upward momentum, which has lifted the S&P 500 above 5,000 for the first time ever.

The tech-heavy Nasdaq has also shown a significant advance in recent sessions, closing in the on the record highs set in November 2021.

Overall trading activity has remained somewhat subdued, however, with some traders sticking to the sidelines ahead of the release of several key economic reports in the coming days.

On Tuesday, the Labor Department is due to release its report on consumer price inflation in the month of January, which could have a significant impact on the outlook for interest rates.

Reports on retail sales, industrial production, producer price inflation and consumer sentiment are also likely to attract attention later in the week.

Among individual stocks, shares of Teva Pharmaceutical (TEVA) are seeing significant strength after Piper Sandler upgraded its rating on the pharmaceutical company to Overweight from Neutral.

Space company Rocket Lab (RKLB) has also surged after Citi resumed coverage of the company's stock with a Buy rating.

On the other hand, shares of Big Lot (BIG) have plunged after Loop Capital downgraded its rating on the discount retailer to Sell from Hold.

Sector News

Networking stocks are seeing substantial strength on the day, with the NYSE Arca Networking Index surging by 2.4 percent.

Significant strength is also visible among computer hardware stocks, as reflected by the 2.2 percent jump by the NYSE Arca Computer Hardware Index. With the gain, the index has reached a record intraday high.

Housing stocks are also seeing considerable strength on the day, resulting in a 1.5 percent advance by the Philadelphia Housing Sector Index.

Banking, energy and semiconductor stocks have also moved notably higher, while pharmaceutical stocks have moved to the downside.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Monday, with several major markets closed for holidays. Australia's S&P/ASX 200 Index fell by 0.4 percent, while India's Sensex slid by 0.7 percent.

Meanwhile, the major European markets have moved to the upside on the day. While the U.K.'s FTSE 100 Index has inched up by 0.1 percent, the German DAX Index and the French CAC 40 Index are up by 0.5 percent and 0.6 percent, respectively.

In the bond market, treasuries have pulled back near the unchanged line after seeing early strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is unchanged at 4.187 percent after hitting a low of 4.150 percent.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

U.S. Stocks Move Modestly Higher, S&P 500 Climbs Further Above 5,000

|   Markets

 

WASHINGTON (dpa-AFX) - After initially showing a lack of direction, stocks have moved modestly higher over the course of the trading session on Monday. With the uptick, the S&P 500 has climbed further above the 5,000 level.

Currently, the major averages are just off their highs of the session. The Dow is up 40.26 points or 0.1 percent at 38,711.95, the Nasdaq is up 42.48 points or 0.3 percent at 16,033.14 and the S&P 500 is up 4.59 points or 0.1 percent at 5,031.20.

The modest strength that has emerged on Wall Street may partly reflect an extension of recent upward momentum, which has lifted the S&P 500 above 5,000 for the first time ever.

The tech-heavy Nasdaq has also shown a significant advance in recent sessions, closing in the on the record highs set in November 2021.

Overall trading activity has remained somewhat subdued, however, with some traders sticking to the sidelines ahead of the release of several key economic reports in the coming days.

On Tuesday, the Labor Department is due to release its report on consumer price inflation in the month of January, which could have a significant impact on the outlook for interest rates.

Reports on retail sales, industrial production, producer price inflation and consumer sentiment are also likely to attract attention later in the week.

Among individual stocks, shares of Teva Pharmaceutical (TEVA) are seeing significant strength after Piper Sandler upgraded its rating on the pharmaceutical company to Overweight from Neutral.

Space company Rocket Lab (RKLB) has also surged after Citi resumed coverage of the company's stock with a Buy rating.

On the other hand, shares of Big Lot (BIG) have plunged after Loop Capital downgraded its rating on the discount retailer to Sell from Hold.

Sector News

Networking stocks are seeing substantial strength on the day, with the NYSE Arca Networking Index surging by 2.4 percent.

Significant strength is also visible among computer hardware stocks, as reflected by the 2.2 percent jump by the NYSE Arca Computer Hardware Index. With the gain, the index has reached a record intraday high.

Housing stocks are also seeing considerable strength on the day, resulting in a 1.5 percent advance by the Philadelphia Housing Sector Index.

Banking, energy and semiconductor stocks have also moved notably higher, while pharmaceutical stocks have moved to the downside.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Monday, with several major markets closed for holidays. Australia's S&P/ASX 200 Index fell by 0.4 percent, while India's Sensex slid by 0.7 percent.

Meanwhile, the major European markets have moved to the upside on the day. While the U.K.'s FTSE 100 Index has inched up by 0.1 percent, the German DAX Index and the French CAC 40 Index are up by 0.5 percent and 0.6 percent, respectively.

In the bond market, treasuries have pulled back near the unchanged line after seeing early strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is unchanged at 4.187 percent after hitting a low of 4.150 percent.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

U.S. Stocks Move Modestly Higher, S&P 500 Climbs Further Above 5,000

|   Markets

 

WASHINGTON (dpa-AFX) - After initially showing a lack of direction, stocks have moved modestly higher over the course of the trading session on Monday. With the uptick, the S&P 500 has climbed further above the 5,000 level.

Currently, the major averages are just off their highs of the session. The Dow is up 40.26 points or 0.1 percent at 38,711.95, the Nasdaq is up 42.48 points or 0.3 percent at 16,033.14 and the S&P 500 is up 4.59 points or 0.1 percent at 5,031.20.

The modest strength that has emerged on Wall Street may partly reflect an extension of recent upward momentum, which has lifted the S&P 500 above 5,000 for the first time ever.

The tech-heavy Nasdaq has also shown a significant advance in recent sessions, closing in the on the record highs set in November 2021.

Overall trading activity has remained somewhat subdued, however, with some traders sticking to the sidelines ahead of the release of several key economic reports in the coming days.

On Tuesday, the Labor Department is due to release its report on consumer price inflation in the month of January, which could have a significant impact on the outlook for interest rates.

Reports on retail sales, industrial production, producer price inflation and consumer sentiment are also likely to attract attention later in the week.

Among individual stocks, shares of Teva Pharmaceutical (TEVA) are seeing significant strength after Piper Sandler upgraded its rating on the pharmaceutical company to Overweight from Neutral.

Space company Rocket Lab (RKLB) has also surged after Citi resumed coverage of the company's stock with a Buy rating.

On the other hand, shares of Big Lot (BIG) have plunged after Loop Capital downgraded its rating on the discount retailer to Sell from Hold.

Sector News

Networking stocks are seeing substantial strength on the day, with the NYSE Arca Networking Index surging by 2.4 percent.

Significant strength is also visible among computer hardware stocks, as reflected by the 2.2 percent jump by the NYSE Arca Computer Hardware Index. With the gain, the index has reached a record intraday high.

Housing stocks are also seeing considerable strength on the day, resulting in a 1.5 percent advance by the Philadelphia Housing Sector Index.

Banking, energy and semiconductor stocks have also moved notably higher, while pharmaceutical stocks have moved to the downside.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Monday, with several major markets closed for holidays. Australia's S&P/ASX 200 Index fell by 0.4 percent, while India's Sensex slid by 0.7 percent.

Meanwhile, the major European markets have moved to the upside on the day. While the U.K.'s FTSE 100 Index has inched up by 0.1 percent, the German DAX Index and the French CAC 40 Index are up by 0.5 percent and 0.6 percent, respectively.

In the bond market, treasuries have pulled back near the unchanged line after seeing early strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is unchanged at 4.187 percent after hitting a low of 4.150 percent.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

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