Social-media stocks, telecom shares lead stock market to narrow win ahead of Fed meeting

U.S. stocks eked out modest to slight gains on Monday, powered by a climb in shares of technology-related and communication services shares. The Dow Jones Industrial Average DJIA, +0.09% closed up 0.1% at 26,112, picking up 23 points, the S&P 500 index SPX, +0.09% rose 0.1% to 2,890, while the Nasdaq Composite Index COMP, +0.62% advanced 0.6% to 7,845. The gains came as a gauge of manufacturing activity in the New York area, the Empire State manufacturing index, plummeted 26.

6 in June, a record decline. Economists had expected a reading of positive 10, according to a survey by Econoday. The weak survey data come as the Federal Reserve commences its two-day policy meeting Tuesday, where the central bank may indicate its willigness to reduce benchmark borrowing costs amid fears of the fallout from global trade tensions and a slowdown in the economy. In corporate news, shares of Facebook Inc. FB, +4.

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