July 17, 2024

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U.S. Stocks Move Mostly Higher As Buying Interest Re-Emerges

2 min read

After showing a lack of direction early in the session, stocks have moved mostly higher over the course of the trading day on Monday. The major averages have all moved to the upside, with the Nasdaq and the S&P 500 reaching new record intraday highs.

In recent trading, the major averages have reached new highs for the session. The Nasdaq is up 151.02 points or 0.9 percent at 17,839.90, the S&P 500 is up 37.75 points or 0.7 percent at 5,469.35 and the Dow is up 119.99 points or 0.3 percent at 38,709.15.

Traders initially seemed reluctant to make significant moves as they took a moment to assess the recent activity in the markets and the near-term outlook.

Buying interest has emerged over the course of the session, however, with stocks potentially benefiting from the positive sentiment generated last week.

Tamer-than-expected inflation data led to strong gains by the Nasdaq and the S&P 500 last week, although the narrower Dow bucked the uptrend.

While Federal Reserve officials forecast just one interest rate cut this year following last Wednesday’s monetary policy meeting, traders remain hopeful the predictions will turn out to be overly conservative if inflation continues to slow in the coming months.

Meanwhile, traders continue to look ahead to the release of some key economic data this, with reports on retail sales and industrial production are likely to be in the spotlight.

On the U.S. economic front, the Federal Reserve Bank of New York released a report this morning showing New York manufacturing activity contracted at a notably slower rate in the month of June.

The New York Fed said its general business conditions index climbed to a negative 6.0 in June from a negative 15.6 in May, although a negative reading still indicates contraction. Economists had expected the index to rise to a negative 9.0.

Despite the continued contraction in current activity, the New York Fed said optimism about the six-month outlook picked up to its highest level in more than two…

2024-06-17 13:28:14

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