Shares rose on Wall Street on Monday, staying close to the record highs set last week, after investors welcomed a renewal from the Federal Reserve Board.
Central banks have suggested maintaining low interest rates as the economy continues to recover from the pandemic. The market is volatile as investors try to measure how quickly they can ease Fed support.
The S & P 500 rose 0.5% at 11:30 am. The Dow Jones Industrial Average rose 34 points (0.1%) to 35,489 and the Nasdaq rose 0.8%.
Technology stocks, which benefit from low interest rates, have hit a wider market. Healthcare companies also showed solid growth, helping to raise the Benchmark S & P 500.
Bond yields are kept low. Yields on 10-year Treasuries fell from 1.31 percent late Friday to 1.29 percent.
Energy prices were mixed as the full impact of Hurricane Aida was still being evaluated. The storm could hit the energy, chemical and shipping industries, which have major hubs on the Gulf Coast, but damage estimates haven’t risen sharply and refinery closures haven’t been prolonged. The economist suggested.
Crude oil prices rose 0.1% and natural gas prices fell 3.1% as colonial pipelines suspended deliveries in the south until the damage caused by the storm could be assessed.
Trading news helped lift some stocks. Affirm surged 45.5% after a payments company announced a deal with Amazon last week, offering shoppers the option to “pay now” without a credit card. Hillrom Holdings surged 10.5% following reports that Baxter International is interested in acquiring a medical technology company.
Investors have some important economic reports to look forward to this week, including consumer confidence on Tuesday and a monthly employment survey by the Ministry of Labor on Friday. Both face resistance from a surge in viral cases due to the more contagious delta variants, which could help investors more accurately measure the path of economic recovery.
Damian J. Troises