US stocks has risen moderately on Monday as investors had little reason to cheer in the absence of any market catalysts. There were few reasons to bet after the Dow and the S&P 500 having advanced for the third week in a row.
The US markets rose and lifted the benchmarks to new levels as the investors evaluated the corporate results with the earning season winding down.
Randy Frederick, managing director of trading and derivatives at Charles Schwab said, “The mid-terms are behind us, Fed tightening is behind us, and the economic data continues to look good; I’m not an uber-optimist, but I’m having a difficult time finding anything to worry about through year end.”
As already reported, earning season is coming to a close and sixteen S&P 500 companies are expected to place their quarterly results on the table. The companies include retailers Wal-Mart and Macy’s and network equipment maker Cisco Systems.
US stocks had wavered on Friday but both Dow industrials and S&P 500 giving their best finishes after data that US economy was producing lower than expected jobs in October with the unemployment rate down to a six year low.
The Dollar was weak against the major currencies of its trading partners leading to a dip in dollar-denominated commodities including oil and gold.
Crude-oil futures for December delivery fell 11 cents, or 0.1 percent, to $78.54 a barrel, and the December gold contract fell $6.90, or 0.6 percent, to $1,162.90 an ounce on the New York Mercantile Exchange.
As per Thomson Reuters data, 448 companies in the S&P 500 are expected to report earnings, 74.6 % beat expectations, above the 63 percent beat rate since 1994 and 67 percent for the past four quarters.
Notable losers were Shares in cable providers which fell after U.S. President Barack Obama’s statement that Federal Communications Commission should reclassify broadband to regulate it more like a public utility. Comcast fell by 3.5 percent to $53.21, Time Warner also lost 3.9 percent to $138.06, and Cablevision fell by 2 percent to $18.55.