U.S. Stocks Rise on Earnings as Treasuries Slump: Markets Wrap
- Consumer spending stalls in March, factory expansion slows
- Many markets across the world are shut for holidays on Monday
Pond, Cabana on U.S. Economic Data and the Fed
U.S. technology stocks rallied to fresh records amid optimism over corporate results, while major indexes ended mixed on tepid economic data and comments by President Donald Trump on banking structure. Treasuries fell as Steven Mnuchin suggested ultralong bonds can “absolutely” make sense.
The Nasdaq Composite Index closed at an all-time high, while a late-session dip left the S&P 500 Index barely higher on the day. Trump roiled markets when he told Bloomberg News that he’s considering breaking up giant Wall Street banks. The dollar was flat as consumer spending stalled in March and factories expanded less than estimated. The yield on the 10-year Treasury note jumped five basis points as the Treasury secretary said his department is considering debt longer than 30 years. Oil dropped to a one-month low.