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Stocks finished mixed Monday. The Dow lost 59 points to 25857, while the S&P 500 added 5 points to 2877. The Nasdaq Composite gained 21 points to 7924.
The major averages fluctuated as investors weighed reports of an additional round of tax cuts against lingering trade concerns. The S&P 500 and Nasdaq ended a four-day losing streak amid a rebound in Tech shares. Republicans in the House of Representatives are reportedly planning to propose new tax cuts sometime this week. Meanwhile, the U.S. and Canada are continuing to negotiate a new trade agreement to replace NAFTA. On the data front, today’s lone economic release revealed consumer credit grew $16.64 billion in July following a downwardly revised figure of $8.46 billion in the prior month.
Eight of 11 S&P 500 sectors closed in positive territory with Industrials pacing gains. Reports that a major hurricane could make landfall this week helped lift shares of home-improvement retailers, as Home Depot added 2.2% to $210.69 and Lowe’s climbed 2.6% to $112.39. In M&A news, United Rentals rose 5.1% to $159.99 after announcing the acquisition of equipment rental company BlueLine for roughly $2.1 billion in cash.
Breadth was positive on issues by 4:3 on the NYSE and roughly even on the Nasdaq. Composite NYSE volume was more than 3.5 billion shares.
The U.S. Treasury yield curve flattened modestly, with the yield on the 10-year note unchanged at 2.94%. In commodities, WTI crude gave up earlier gains to finish 0.3% lower at $67.52/barrel. COMEX gold ended the day flat at $1195.50/ounce amid a weaker dollar.