Sat, 03 Jun 2023

NEW YORK, May 15 (Xinhua) -- U.S. stocks ended higher on Monday, as investors stayed optimistic before key debt ceiling negotiations resume on Tuesday.

The Dow Jones Industrial Average increased 47.98 points, or 0.14 percent, to 33,348.60. The S&P 500 was up 12.20 points, or 0.30 percent, to 4,136.28. The Nasdaq Composite Index increased 80.47 points, or 0.66 percent, to 12,365.21.

Six of the 11 primary S&P 500 sectors ended in green, with materials and financials leading the gainers by rising 0.85 percent and 0.82 percent, respectively. Meanwhile, utilities and consumer staples led the laggards by dropping 1.24 percent and 0.27 percent, respectively.

U.S. President Joe Biden is going to have a second round of debt ceiling negotiations with congressional leaders on Tuesday, with both sides sending mixed signals on how to avert a U.S. default on its debt as early as June 1. Biden has expressed optimism on prospects of the meeting.

U.S. stocks are stuck in wait-and-see mode until people get the next debt ceiling talk update, said Edward Moya, senior market analyst at OANDA, a supplier of online multi-asset trading services.

"Until we have Republicans and Democrats move a little on tax increases, increasing the debt ceiling, or federal spending, any optimism is premature," Moya said.

The stock market finished higher despite a survey showing a collapse in business activity in New York State, and investors waited for further insight on whether lawmakers will be able to reach a deal to raise the federal government's debt ceiling.

The New York manufacturing activity index dived to -31.8 in May, much lower than April's 10.8 and the forecast consensus of -2, according to data issued by the Federal Reserve Bank of New York on Monday.

Investors also pay attention to some major retail reports. Home Depot, Target, and Walmart are all slated to report quarterly earnings this week.

More Beijing News

Access More

Sign up for Beijing News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!