U.S. shares followed a record-setting week by edging slightly higher in early trading on Wall Street Monday.
Strong earnings reports helped take some strain out there throughout the past several weeks. It’s yet to materialize, although analysts have been expecting a sharp recession in gain. The steady flow of earnings outcome will continue this week, giving a picture of the health of the economy to investors.
Banks and financial companies led the market profits following a government report which customer spending in March surged to its biggest gain in a decade. Bank of America climbed 2.3% and JPMorgan Chase climbed 1.6%
Energy companies and health care lagged the broader economy and kept early profits in check.
Looking forward to the week, investors are carefully watching The Federal Reserve, which meets Tuesday to update its interest rate forecast. The bank has indicated it won’t raise rates this year, and that has taken some pressure off the market. Investors are expecting it’s going to continue with its approach.
More relief is also coming from ongoing negotiations between the U.S. and China as they try to end a costly trade war. Both sides have said they are ongoing talks weekly and are currently making progress.
Meanwhile, many key U.S. companies report earnings results per week. Technology giants Google and Apple will launch their outcomes, as will companies Pfizer and Merck. McDonald’s can be scheduled to report earnings.
The wide indicator is up 17 percent to the year and had two record-high closes a week.
The Dow Jones Industrial Average was changed at 26,545.
HEAVY INDUSTRY: Ingersoll-Rand rose 6.8% following the Wall Street Journal noted that a deal is in the works between the industrial parts maker and Gardner Denver Holdings. Both businesses make compressors and pumps for industrial machines.
CRUDE FIGHT: An oil-infused bidding war is heating up following Anadarko resurrected buyout talks even though it has accepted a $33 billion bid.
Anadarko explained that talks reopened because its bid could be better. Occidental’s stock fell 2.2 percent.