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Wall Street rises to add to last week's gains – WJET/WFXP/YourErie.com
NEW YORK (AP) U.S. stocks are higher Monday as last week's rush of market events gives way to what could be a quieter week.
The S&P 500 was up 0.6% in afternoon trading. The Dow Jones Industrial Average was up 49 points, or 0.1%, as of 12:36 p.m. Eastern Time, and the Nasdaq Composite Index was up 0.7%.
Berkshire Hathaway added 0.5% after the Warren Buffett company reported its latest quarterly results over the weekend. Freshpet jumped 7.5% after reporting better-than-expected results, largely because it sold 30% more cat and dog food.
They helped offset an 11.1% decline in Spirit Airlines, which posted a slightly worse loss than expected. The carrier said it faced increased competition in many of its markets, including between the United States and Latin America. Apple fell 1% after Buffett reduced Berkshire Hathaway's stake in the tech giant.
The U.S. stock market has seen wild swings since hitting a record high in late March. It has foundered for weeks on concerns that stubbornly high inflation will prevent or at least delay the Federal Reserve from making the interest rate cuts that Wall Street craves.
But markets found renewed optimism at the end of last week following a colder-than-expected employment report. He suggests that the U.S. economy could walk the tightrope and remain strong enough to avoid a serious recession, but not so strong that it puts too much upward pressure on inflation.
Goldman Sachs economist David Mericle said he still expects two rate cuts this year, in July and November, after Fed Chairman Jerome Powell strongly opposed the possibility of further rate hikes during his press conference last week.
The coming week won't include such highly anticipated events as last week's Fed meeting or the monthly jobs report. This week's highlights could instead come from a number of speeches from Fed officials or Friday's preliminary report on consumer confidence.
Most S&P 500 companies have also already reported results for the first three months of the year, with more than three-quarters of them beating earnings expectations, according to FactSet.
But several other big names are still on the way this week, including The Walt Disney Co. and Uber Technologies.
In the bond market, which has dictated much of the stock market's movement recently, Treasury yields have remained relatively stable.
The 10-year Treasury yield was at 4.50%, where it stood Friday evening. The two-year Treasury, which more closely tracks expectations for the Fed, was also little changed.
Traders are betting on a 90% chance that the Fed will cut its main interest rate at least once before the end of the year, according to CME Group data. This represents an increase from the 81.6% probability seen a week ago.
On foreign stock markets, several exchanges were closed for holidays. Indexes rose relatively modestly in France, Germany and Hong Kong. Shares jumped 1.2% in Shanghai.
Corporate results were better than expected, not only in the United States but also in Europe and Japan, according to Deutsche Bank strategists. Global earnings growth is on track for a second consecutive quarter of growth after four straight declines.
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AP writers Matt Ott and Zimo Zhong contributed.
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