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U.S. stocks rise ahead historic Singapore summit

Reuters  |  NEW YORK 

By Stephen Culp

NEW YORK (Reuters) - Wall Street stocks gained some ground on Monday as investors shrugged off the weekend's contentious meeting of the Group of 7 nations and focused on the historic United States-summit Tuesday morning in

announced the was withdrawing from the G7's joint communique following a series of tweets aimed at after the Canadian leader announced retaliatory actions to counter U.S. tariffs of Canadian goods.

The markets seemed to take trade skirmishes in stride and instead looked to the impending summit between Trump and North Korean leader Kim Jong Un, an historic effort to bridge differences and deter a nuclear stand-off on the

"The pound gorilla is what's going on in Singapore," said Bucky Hellwig, senior vice at in Birmingham, "It's more than a coin toss; it's uncharted waters. And investors are looking at where we were relative to a year ago, two years ago...when missiles were flying over "

Investors are also eyeing three of the world's top central banks as the U.S. Federal Reserve, the and the Bank of prepare to meet this week.

The Fed is widely expected to raise key interest rates on Wednesday, and on Thursday the ECB is likely to indicate that it will draw down its crisis-era euro bond purchase scheme.

"Clearly economic growth has got some momentum here in the U.S.," Hellwig said. "Conversely, with the other developed nations, their growth is either flat or slowing, that causes some debate about what the ECB might do at its meeting this week."

Yields of bonds rose with the Treasury Department due to sell $54 billion in notes ahead of the Fed meeting.

At 2:18 p.m. ET, the <.DJI> rose 55.38 points, or 0.22 percent, to 25,371.91, the <.SPX> gained 7.66 points, or 0.28 percent, to 2,786.69 and the <.IXIC> added 18.34 points, or 0.24 percent, to 7,663.85.

Of the 11 major sectors of the S&P 500, all but and financials <.SPSY> were in positive territory.

was the biggest percentage gainer of the S&P 500, up 15.5 percent on the that activist investors and urged a strategic review and recommended new directors for the company's board.

helped boost the as its shares rose 9.5 percent following a report that rival has made overtures to acquire the

was up 1.4 percent after analysts said Instagram could be the company's primary

rose 1.5 percent, providing the biggest boost to the Dow.

Advancing issues outnumbered declining ones on the NYSE by a 1.23-to-1 ratio; on Nasdaq, a 1.11-to-1 ratio favored advancers.

(Reporting by Stephen Culp; Editing by Lisa Shumaker)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 12 2018. 00:24 IST
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