- Wall Street’s main indexes opened higher on Monday as retailers prepared to wind down a better-than-feared quarterly earnings season, while the S&P 500 continued to hover just below record-high levels.
“It goes back to the basic factor - with interest rates low, next to zero even though yields have gone up, there is no place to put your money so stocks continue to hover near record highs,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. The retailers, along with Walmart Inc and Target Corp, rose more than 1% ahead of their quarterly earnings reports later in the week.
Figures this week are likely to show another jump in housing starts, as certain facets of the economy slowly grind back from a pandemic-driven trough. At 9:38 a.m. ET, the Dow Jones Industrial Average was up 7.40 points, or 0.03%, at 27,938.42 and the S&P 500 was up 11.04 points, or 0.33%, at 3,383.89. The Nasdaq Composite was up 70.19 points, or 0.64%, at 11,089.49.
Shares of Chinese ecommerce player Alibaba Group were flat after U.S. President Donald Trump said on Saturday he could exert pressure on more Chinese companies after he moved to ban TikTok earlier in the month.
Due to the termination of augmented U.I. benefits, those retail 'earnings', in the coming weeks, are sure to take a nose dive.
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Wall Street doesn’t represent Main Street. The problem with the US economy in a nutshell.
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