Stocks finished higher Monday. The Dow added 11 points to 26,554, while the S&P 500 was up 0.1% to 2,943. The Nasdaq Composite advanced 0.2% to 8,161.
The S&P 500 and Nasdaq climbed to new record highs ahead of a busy week that includes a Fed meeting, key economic reports, and another round of corporate earnings results. On the data front, core PCE increased 1.6% year-over-year in March, below the Fed’s 2% inflation target and the lowest reading since January 2018. Personal spending jumped 0.9%, more than the anticipated 0.7% gain and the largest monthly increase since 2009. Personal income edged 0.1% higher in March, below consensus expectations of 0.4% and the prior month’s 0.2% reading.
Financials paced the gains as strength in bank stocks propelled the sector to an advance of roughly 0.9%. The Communication Services group also outperformed as shares of Facebook added 1.7% to $194.78 while Alphabet gained 1.5% to $1296.20. In earnings, Loews Corp climbed 1.5% to $50.93 after the conglomerate topped analyst profit estimates for the first quarter. Elsewhere, shares of Intel slipped 2.5% to $51.11, bringing the Tech giant’s five session losing streak total to 13%.
Treasuries were weaker, with the yield on the 10-year note up two basis points to 2.52%. In commodities, WTI crude advanced 0.5% to $63.61/barrel even after President Trump suggested gas prices are too high.
Breadth was positive on issues by roughly 3:2 on both the NYSE and the Nasdaq. Composite NYSE Volume totaled more than 3.0 billion shares.