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06-Nov2018

US markets end mostly higher on Monday

The US markets ended mostly higher on Monday, as oil prices lifted energy stocks and defensive sectors such as real estate and utilities gained, but a drop in Apple's shares dragged down the Nasdaq. However, trading was subdued as traders reluctant to make significant moves ahead of Tuesday's highly anticipated midterm elections, which will decide control of both the House and Senate. Democrats are seen as having a much better chance to claim a majority in the House than in the Senate, but controlling the lower chamber would still allow Democrats to hinder Trump's agenda. The Federal Reserve's looming monetary policy announcement also kept some traders on the sidelines, with the Fed due to announce is latest decision on Thursday. While the Fed is widely expected to leave interest rates unchanged, traders will keep a close eye on the accompanying statement for clues about an expected rate hike in December.

Meanwhile, traders shrugged off a report from the Institute for Supply Management showing a modest slowdown in the pace of growth in the service sector in the month of October. The ISM said its non-manufacturing index dipped to 60.3 in October after climbing to 61.6 in September, although a reading above 50 still indicates growth in the service sector. Street had expected the index to drop to 59.3. Last month, the ISM said the non-manufacturing index unexpectedly rose in September, reaching its highest level since the inception of the composite index in 2008.

Dow Jones Industrial Average surged 190.87 points or 0.76 percent to 25,461.70 and S&P 500 was gained 15.25 points or 0.56 percent to 2,738.31, while Nasdaq declined 28.14 points or 0.38 percent to 7,328.85.


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