U.S. stocks closed mixed Monday after wavering between small gains and losses, as investors digested a batch of economic reports.
The Dow Jones Industrial Average rose 19.66 points, or 0.11 percent, to 17,535.39. The S&P 500 edged up 1.11 points, or 0.05 percent, to 2,037.05. The Nasdaq Composite Index fell 6.72 points, or 0.14 percent, to 4,766.79. "As slow as last week was, chances are that this week will offer opportunity.
The macro will be heavy, beginning with the PCE print today, running through Europe, and China, and then culminating in another U.S. Jobs Friday," said Stephen Guilfoyle, managing director at Deep Value. The Commerce Department said Monday in a report that personal income rose by 0.2 percent in February after climbing by 0.5 percent in January.
Disposable personal income, or personal income less personal current taxes, also edged up by 0.2 percent in February after rising by 0.4 percent in the previous month. Personal consumption expenditures (PCE) increased 11 billion dollars, or 0.1 percent, in February.
In a separate report, the department said the advance February goods trade deficit came in at 62.9 billion dollars, slightly exceeding market consensus. While U.S. markets were closed for Good Friday, U.S. economic growth in the fourth quarter of 2015 was revised up.
The third GDP estimate showed an annual growth rate of 1.4 percent during the October-December period of 2015, higher than the previous estimate of 1.0 percent, according to the Commerce Department Friday. Investors also kept a close eye on remarks from U.S. Federal Reserve Chair Janet Yellen, who will speak on economic and monetary policy Tuesday.
Traders will focus on her speech for more clues about how many rate hikes the Fed is planning and their timing.
Latest comments