Stocks drifted higher in a quiet session Monday, sending the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite to another trio of closing records. With few major economic and earnings reports on the calendar Monday, the stock market's moves were relatively muted. The blue-chip average finished up 31.33 points, or 0.1%, to 28036.22, building on gains after rounding out its sixth consecutive weekly advance on Friday.
U.S. stocks drifted between small gains and losses Monday, kept in a narrow range by a dearth of economic data and earnings. The Dow Jones Industrial Average was last up 33 points, or 0.1%, to 28037, heading toward another closing record. The S&P 500 added less than 0.1% and the Nasdaq Composite was up 0.1%.
Treasury yields and the dollar slumped Monday on news that Federal Reserve Chair Jerome Powell had met with President Donald Trump and Treasury Secretary Steven Mnuchin. Trump has been relentless in his criticism of the central bank's policies, most recently calling on the Fed to emulate the negative-interest-rate policies of European nations and Japan. Those policies, he asserts, puts U.S. businesses at a disadvantage in borrowing costs and by boosting the dollar's...
Fannie Mae (FNMA) on Monday upgraded its forecast for 2020 U.S. economic growth to 1.9% from 1.7%, arguing that consumer spending and the housing market will buoy gross domestic product if a "phase one" trade deal between the United States and China is signed.
Fed says Powell gives no hints or promises about interest rates. Federal Reserve Chairman Jerome Powell met with President Donald Trump at his request to discuss the economy, but the Fed on Monday said Powell gave no hints or promises about what the central bank will do next. Trump has repeatedly and harshly criticized the Fed and Powell for not cutting interest rates fast enough when the economy weakened earlier this year, but he called the face-to-face meeting "good& cordial," in a...
Federal Reserve Chairman Jerome Powell on Monday met with President Trump, a frequent critic, to discuss the economy and interest rates, but his comments were similar to what Powell has already said publicly, the central bank said in a statement. "Chair Powell's comments were consistent with his remarks at his congressional hearings last week. He did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming...
U.S. stocks drifted between small gains and losses Monday, kept in a narrow range by a dearth of economic data and earnings. The Dow Jones Industrial Average rose 10 points, or less than 0.1%, to 28014. The S&P 500 declined less than 0.1% and the Nasdaq Composite was off 0.1%. Moves were muted after stocks finished at a fresh set of records Friday.
U.S. government bonds strengthened Monday, pushing the yield on the 10- year note down to around 1.80%, after a news report suggested that China was pessimistic about a trade deal with the U.S. In recent trading, the yield on the benchmark 10- year U.S. Treasury note was 1.801%, according to Tradeweb, compared with 1.833% Friday.
U.S. President Donald Trump said he met with U.S. Federal Reserve Chairman Jerome Powell on Monday and discussed a wide range of topics including negative interest rates, monetary policy easing, dollar strength and U.S. trade with China and the European Union. "Just finished a very good & cordial meeting at the White House with Jay Powell of the Federal Reserve.
WASHINGTON--A gauge of U.S. home-builder confidence edged lower in November, the latest sign the housing market is moving sideways this fall. --The National Association of Homebuilders said Monday its housing market index fell to 70 from a level of 71 in October. The October reading was the index's highest level since February 2018. A reading above 50 indicates that more builders view conditions as good than poor.
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