NEW YORK (Reuters) – The New York Stock Exchange ended slightly higher on Monday after its weekend rally, with investors waiting to see their hope of an end to the Federal Reserve’s rate hikes reinforced by the many officials of monetary policy which will be expressed this week.
The Dow Jones index gained 0.10%, or 34.54 points, to 34,095.86 points.
The broader S&P-500 gained 7.64 points, or 0.18%, to 4,365.98 points.
The Nasdaq Composite advanced 40.5 points (0.30%) to 13,518.78 points.
The Fed kept rates unchanged during its last monetary policy meeting on November 1, while a weaker-than-expected jobs report by economists revived hopes that the U.S. economy is finally slowing down, under the effect of rate increases.
The markets are counting on rates remaining at their current levels in December, before a first cut in June.
Investors nevertheless remain cautious while awaiting speeches this week from central bank President Jerome Powell, member of the Board of Governors Lisa Cook or even New York Fed President John Williams and the President of the Fed by Dallas Lorie Logan.
“Unless they are pushed to do so by economic data, we should not see a change of tone on their part,” said Stephen Massocca, vice-president of Wedbush Securities in San Francisco.
In terms of values, Tesla lost 0.31% after announcing its plan to build a 25,000 euro car in its factory near Berlin, but also a 4% wage increase for German workers, under pressure from the unions.
Dish Network fell 37.4% to a 25-year low of $3.43 per share as the pay-TV provider missed its third-quarter revenue forecast and announced the departure of its CEO, Erick Carlson.
(Written by Chuck Mikolajczak, Tangi Salaün)
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