The main indices of Wall Street they ended slightly higher on Monday after a session with few exchanges, a day before a day full of company results.
The Dow Jones index gained 0.30% to 33,987.18 points, the technology-based Nasdaq rose 0.28% to 12,157.72 and the S&P 500 rose 0.33% to 4,151.32.
“We had the surprise of an Empire State indicator of activity in the New York region that turned from negative to positive,” said Peter Cardillo of Spartan Capital Securities.
Manufacturing activity in the New York region, one of the benchmarks for the country, grew above expectations and returned to a positive path in April, for the first time in five months.
An increase in orders made this index rise 35 points, to settle at 10.8 pointsaccording to the monthly Empire State survey of industrialists in the region and published on Monday by the New York affiliate of the Fed.
Analysts expected another month of contraction with an index at -19.0 pointsaccording to the Briefing.com consensus.
“But the rise in yields on (Treasury) bonds and the dollar also weighed on the trend, as investors believe that the Fed (Federal Reserve, central bank), will raise interest rates again by 25 points. base in May,” added Cardillo.
Trading volume was weak with investors in a holding pattern ahead of a salvo of corporate quarterly results on Tuesday.
“The start of the (company) earnings season is too good to be true,” said Edward Moya, an analyst at Oanda. With strong results from banks JPMorgan and Citigroup last week, “the earnings season got off to its best start since 2012.”
“The pessimism was so great that the estimates (of the analysts) were revised downward, which led to all the announcements (of results) exceeding them,” Moya clarified.
On Tuesday, banks Goldman Sachs and Bank of America, as well as defense group Lockheed Martin and Johnson and Johnson will announce their quarterly results. So will Netflix and on Wednesday it will be Tesla’s turn.
Source: Ambito
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