U.S. stocks saw a moderate increase on Monday as the S&P 500 index (SPX) traded near to its previous closing record.
Investors responded positively to a report reflecting factory order data, which increased 2.1 percent in March, in-line with analyst expectations. The gains on Monday follow on from the rally last Friday, when stocks saw the largest one-day gains in a month.
At the close of trading, the SPX increased 7 points, or 0.3 percent to 2,116 with 8 main sectors out of the 10 trading higher. The gains leaders were health-care, financials and utilities stocks. Meanwhile, the Dow Jones Industrial Average (DJIA) increased 57 points, or 0.3 percent to 18,081 while the Nasdaq Composite (COMP) gained 17 points, or 0.3 percent to 5,022.
Tower Bridge Advisors president, Maris Ogg, noted the markets’ resilience to average corporate earnings and economic data. Ogg further added that maybe markets are looking past the earnings of 2015 while expecting an increase in the earnings of 2016. She further added that when stocks are priced fairly and investors are slightly nervous, as they are now, any negative news can see huge selloff’s happening.
In economic news, U.S. factory produced goods have seen an increase in orders of 2.1 percent in March. MarketWatch surveyed economists had expected a 2.4 percent increase in orders after a revised 0.1 percent drop in the previous month.
Wall Street is looking forward to a report due on Friday reflecting nonfarm-payrolls (NFP). Some predictions from forecasters are that April’s job creation will improve significantly after an unimpressive 126,000 March increase, which marked the poorest in 15 months.
MT4 Chart: S&P 500
Trade Indices CFDs on STOCK.com with full training given to all clients