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Wall Street ekes out gains ahead of Singapore summit

Reuters  |  NEW YORK 

By Stephen Culp

NEW YORK (Reuters) - All three closed slightly higher on Monday as investors eyed the looming United States-summit on Tuesday in while shrugging off the weekend's factious meeting of the nations.

announced the United States' withdrawal from the G7's joint communique following a series of bellicose tweets aimed at after the Canadian leader announced retaliatory tariffs on goods imported from its ally to the south.

The markets seemed to take the trade row in stride and looked instead to the impending summit between Trump and North Korean leader Kim Jong Un, an historic effort to bridge differences and avoid nuclear confrontation on the

"With the everyone knew there were issues going into it and probably nothing would get done," said Bucky Hellwig, senior vice at in Birmingham, "The focus is on the possibility of something good coming out of the summit."

"There's been a net improvement in the minds of investors in terms of international security, (and) there seems to be a willingness to talk on the part of "

Investors are also anticipating this week's meetings of three of the world's top central banks: the U.S. Federal Reserve, the and the

The Fed is widely expected to raise key interest rates on Wednesday, and on Thursday the ECB is seen moving toward a roll back of its crisis-era stimulus scheme.

"With the (Fed's) rate increase we're going to get on Wednesday, we're going to be close to the core inflation rate," Hellwig said. "On the other hand, economic numbers look great."

Yields of bonds rose as the Treasury Department saw solid demand at auctions for $54 billion in new three and 10-year notes ahead of the Fed meeting.

The <.DJI> rose 5.78 points, or 0.02 percent, to 25,322.31, the <.SPX> gained 2.97 points, or 0.11 percent, to 2,782 and the <.IXIC> added 14.41 points, or 0.19 percent, to 7,659.93.

Of the 11 major sectors of the S&P 500, four closed in negative territory, including real estate <.SPLRCR>, utilities <.SPLRCU>, and financials <.SPSY>.

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

helped boost the as its shares advanced 7.4 percent following a report that rival had made overtures to acquire the

closed 1.0 percent higher, a day ahead of a court decision regarding its proposed merger with Time Warner Inc .

Facebook Inc gained 1.3 percent after analysts said Instagram could be the company's primary

climbed 1.2 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 1.19-to-1 ratio favoured advancers.

The posted 47 new 52-week highs and 7 new lows; the recorded 170 new highs and 26 new lows.

Volume on U.S. exchanges was 6.05 billion shares, compared to the 6.62 billion average for the full session over the last 20 trading days.

(Reporting by Stephen Culp, Editing by Rosalba O'Brien)

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

First Published: Tue, June 12 2018. 02:33 IST
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