U.S. stocks edged higher on Monday, with the S&P 500 and the Nasdaq hitting record highs, as consumer spending rose in March and a benign inflation data underscored the Federal Reserve's dovish stance on interest rates.
Hopes of a trade resolution and upbeat earnings have been powering a rally in the benchmark index this year. The index crossed its record high of 2,940.91 hit on Sept. 21 for the first time this year, restoring investors' faith in the decade-long bull run.
A Commerce Department report showed that U.S. consumer spending increased by the most in more than 9-1/2 years in March, but price pressures remained muted, with a key inflation measure posting its smallest annual gain in 14 months.
The Federal Open Market Committee will announce its interest rate decision at the end of a two-day meeting, starting Tuesday.
At 11:14 a.m. ET the Dow Jones Industrial Average was up 5.79 points, or 0.02%, at 26,549.12. The S&P 500 was up 3.53 points, or 0.12%, at 2,943.41 and the Nasdaq Composite was up 14.38 points, or 0.18%, at 8,160.77.
Source : Reuters