Markets Close Flat as Investors Await Retailer Earnings
NEW YORK (TheStreet) -- Markets closed flat on Monday as investors await earnings reports from major retailers that may offer signals about the strength of the U.S. economic recovery and clues as to whether the Federal Reserve will begin curbing its
monetary stimulus program.
The S&P 500 tacked on 0.07% to close at 1,771.87 while the Dow Jones Industrial Average added 0.13% to 15,782.91. The Nasdaq inched up 0.01% to 3,919.79.
Macy's shares rose 1.9% to $47.07 ahead of its results on Wednesday. The Cincinnati-based retailer posted a 0.8% drop in comparable stores in the second quarter, a decline that management tied to tepid overall consumer demand.
Oil futures for the December contract added 54 cents to $95.14 a barrel, while gold for December delivery dropped $3.50 to settle at $1,281.10 an ounce. The U.S. Dollar was dropping 0.17% to $81.06, according to the U.S. dollar index. Bond markets were closed in observance of Veteran's Day.
The S&P 500 rose 0.51% last week following uplifting reports on the U.S. labor market in October and third-quarter economic expansion. This helped propel the Dow to a record closing high on Friday. Furthermore, the European Central Bank last week cut its benchmark interest rate in a bid to stimulate growth.
The FTSE 100 in London rose 0.29%, while the DAX in Germany was higher by 0.33%. The Hong Kong Hang Seng closed higher by 1.43% while the Nikkei 225 in Japan increased 1.30%.
--By Jane Searle and Joe Deaux in New York