Stocks wavered to a mixed close on Wall Street, nudging the S&P 500 and the Nasdaq composite to more records. The S&P 500 inched up 0.1% Monday, and the Nasdaq rose 0.3%. The Dow Jones Industrial Average gave up an early gain and fell 0.1%. Traders are looking ahead to several earnings reports this week including updates from Delta Air Lines on Thursday and JPMorgan, Citigroup and Wells Fargo on Friday. Federal Reserve Chair Jerome Powell addresses Congress on Tuesday and Wednesday.
“The current market is positive and steady to a nearly unprecedented degree,” said Mark Hackett, chief of investment research at Nationwide. “It’s extremely rare to see these types of consistent gains with almost no volatility.” Troubled airplane maker Boeing was up 0.5% after agreeing to plead guilty to a criminal fraud charge stemming from two crashes of 737 Max jetliners that killed 346 people. The government determined the company violated an agreement that had protected it from prosecution for more than three years.Traders are looking ahead to several earnings reports this week including updates from Delta Air Lines on Thursday.
The Fed's goal is to cool inflation back to 2% without slowing economic growth too much. Inflation is still squeezing consumers, but it has fallen significantly from its peak two years ago. Economic growth has slowed this year, but it remains relatively strong amid a solid jobs market and consumer spending.
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