Stocks finished higher Monday. The Dow gained 65 points to 25,914 while the S&P 500 advanced 10 points to 2,832. The Nasdaq Composite added 25 points to 7,714.
The major averages traded in a narrow range ahead of a key central bank update on Wednesday. Last week, strength in chipmakers helped propel the S&P 500 to its best weekly gain since November, and best start to a year since 1991. In central bank news, the Federal Reserve rate decision is scheduled for Wednesday. The Fed is widely expected to leave interest rates unchanged but investors will pay close attention for any “dot plot” updates following a series of soft inflation updates in the prior few weeks. On the data front, the lone release today showed homebuilder sentiment held steady in March from the prior month.
Seven of 11 S&P 500 sectors ended in positive territory with Energy shares pacing the gains. The Communication Services group underperformed as Facebook declined 3.4% to $160.31 following an analyst downgrade. In other corporate news, Boeing extended recent losses, with shares losing 1.8% to $372.28 amid reports the U.S. Transportation Department is investigating the plane maker’s 737 MAX certification.
Breadth was positive on issues by roughly 2:1 on the NYSE and 11:7 on the Nasdaq. Composite NYSE Volume was more than 3.5 billion shares.
Treasuries weakened with the yield on the 10-year note up one basis point to 2.60%. In commodities, NYMEX WTI crude added 0.8% to $59.00/barrel. COMEX gold gained less than 0.1% to $1,303.40/ounce amid a weaker dollar.