29 Mar 2016
Wall Street mixed as investors return on key week
After opening higher today, U.S. stocks closed flat on Monday after three previous days of declines.
Earlier in trade, U.S. stocks were supported on mergers and acquisitions news that came in Starwood Hotels & Resorts. The S&P 500 opened 5 points, or 0.3%, higher at 1,941. The Dow Jones Industrial Average (Dow) added 40 points, or 0.2%, to 17,555. Meanwhile, the Nasdaq Composite began the day up 13 points, or 0.3%, at 4,786.
However, as the session went by, gains in consumer-discretionary and materials shares were overshadowed by soft performances in utilities and energy. The S&P 500 finally gained just 1.12 points, or 0.1%, to 2,037.05 on the day. The Dow rose 19.73 points, or 0.1%, to 17,535.53 while the Nasdaq Composite shed 6.72 points, or 0.1%, to 4,766.79.
The U.S. dollar was the trade of the day though, hit hard after US inflationary data in the US Feb PCE core that arrived as +1.7% vs +1.8% y/y expected, reducing prospects for an April hike from the Fed. For more on the Fed, we now await Federal Reserve Chairwoman Yellen who is making a speech tomorrow, Tuesday, at 11:30 a.m. Eastern time. The showdown will likely be in the nonfarm payrolls on Friday, where you can follow the live coverage with FXStreet here.
Earlier in trade, U.S. stocks were supported on mergers and acquisitions news that came in Starwood Hotels & Resorts. The S&P 500 opened 5 points, or 0.3%, higher at 1,941. The Dow Jones Industrial Average (Dow) added 40 points, or 0.2%, to 17,555. Meanwhile, the Nasdaq Composite began the day up 13 points, or 0.3%, at 4,786.
However, as the session went by, gains in consumer-discretionary and materials shares were overshadowed by soft performances in utilities and energy. The S&P 500 finally gained just 1.12 points, or 0.1%, to 2,037.05 on the day. The Dow rose 19.73 points, or 0.1%, to 17,535.53 while the Nasdaq Composite shed 6.72 points, or 0.1%, to 4,766.79.
The U.S. dollar was the trade of the day though, hit hard after US inflationary data in the US Feb PCE core that arrived as +1.7% vs +1.8% y/y expected, reducing prospects for an April hike from the Fed. For more on the Fed, we now await Federal Reserve Chairwoman Yellen who is making a speech tomorrow, Tuesday, at 11:30 a.m. Eastern time. The showdown will likely be in the nonfarm payrolls on Friday, where you can follow the live coverage with FXStreet here.