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Wall Street edges higher ahead of Trump-Kim meet

Reuters 

By Sruthi Shankar

(Reuters) - U.S. stocks edged higher on Monday, helped by gains in and a handful of ahead of a highly anticipated meeting between and North Korean leader

Officials from both countries sought to narrow differences on how to end a nuclear stand-off on the as the stage was being set for the first ever meeting between the two leaders in on Tuesday.

"No one expects anything concrete to come of the meeting ... but if the tone is positive afterwards, it won't be a headwind for stocks," said Ken Polcari, of the floor division at in

Investors also largely brushed off tensions over the divisive meeting, when Trump threw the allies' efforts to show a united front into disarray after taking aim at Canadian and announcing that he was backing out of the joint communique.

"Markets are generally overlooking negative takeaway following this weekend's meeting," said Peter Cecchini, at in

At 11:29 a.m. EDT the was down 1.23 points, or -0.00 percent, at 25,315.30, the 500 was up 4.25 points, or 0.15 percent, at 2,783.28 and the Composite was up 11.63 points, or 0.15 percent, at 7,657.14.

The biggest percentage gainer on the 500 was Sempra Energy, which surged 15 percent after two shareholders, including Elliott Management, urged a strategic review of the U.S. utility's business.

surged 6.8 percent after the Journal reported that rival had made a takeover approach for the company. Stryker was down 2.3 percent.

Investors are also bracing for monetary policy changes, with three of the world's top central banks - the U.S. Federal Reserve, the and the - set to meet this week.

The Fed is almost certain to raise rates again on Wednesday, inching closer to a neutral policy stance, while the ECB is likely to signal on Thursday that its 2.55 trillion euro bond purchase scheme will end this year, a key move in dismantling crisis-era stimulus.

"Investors will be keenly focused on any indications from the Fed on their adherence to their rate hiking path and a possible change in forward guidance language," Cecchini wrote.

rose 1.6 percent after analysts said Instagram could be the company's primary

Advancing issues outnumbered decliners by a 1.28-to-1 ratio on the Advancing issues outnumbered decliners by a 1.16-to-1 ratio on the

The index recorded 38 new 52-week highs and seven new lows, while the recorded 128 new highs and 15 new lows.

(Reporting by in Bengaluru; Editing by Anil D'Silva)

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

First Published: Mon, June 11 2018. 21:56 IST
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