U.S. market indexes were higher on Monday. For the day, the Dow Jones Industrial Average closed at 18325.07 for a gain of 239.62 points, or 1.32%. The S&P 500 was also higher, closing at 2159.04 for a gain of 31.23 points, or 1.47%. The Nasdaq Composite closed higher at 5211.89 for a gain of 85.98 points, or 1.68%. The VIX Volatility Index was lower at 15.05 for a loss of -2.45 points, or -14.00%.
In the Dow Jones Industrial Average, the following stocks led gains for the day:
Wal-Mart (WMT, Financial) 2.33%
Procter & Gamble (PG, Financial) 2.33%
Coca-Cola (KO, Financial) 2.18%
On Monday, there were no leading economic reports on the calendar. OPEC released its Monthly Oil Market Report. In the Monthly Oil Market Report, OPEC continued to project high supply levels of oil for 2017. Oil prices were slightly higher for the day with WTI crude oil increasing to $46.04 a barrel and Brent crude increasing to $48.15 a barrel.
Comments from Federal Reserve Governor Laurel Brainard helped stocks to gain Monday. The Federal Reserve official called for a prudent and conservative approach to rate increases.
A CNBC report Monday discussed the market’s current trading levels and how Federal Reserve comments are affecting trading.
Disclosure: I do not own any stocks included in this article.
Start a free 7-day trial of Premium Membership to GuruFocus.
