NEW YORK (AP) – The U.S. stock market moved slightly higher in late-morning trading Monday, keeping major indexes at record levels. Renewed confidence that stimulus measures from global central banks will help spur economic growth is supporting demand for stocks.
KEEPING SCORE: The Standard & Poor’s 500 index rose five points, or 0.3 percent, to 2,068 as of 11:06 a.m. Eastern. The Dow Jones industrial average climbed 16 points, or 0.1 percent, to 17,826. The Nasdaq composite gained 25 points, or 0.5 percent, to 4,738.
CONSUMER GOODS: The so-called consumer discretionary sector, which includes retailers such as Coach, Urban Outfitters and Gap, led gains for the stock market ahead of the holiday season. Coach rose 85 cents, or 2.3 percent, to $37.30 as analysts at Stifel reiterated their belief that the company was “doing the right things to reinvigorate the brand.” The analysts believe that the stock’s price could climb as high as $47.
THE BACKDROP: The S&P 500 has gained 11 percent since bottoming out in a slump that stretched from mid-September to mid-October. The rally has been driven by a belief that central bank actions in Europe, China and Japan will help invigorate global economic growth.
On Friday, China’s central bank lowered a key interest rate and European Central Bank President Mario Draghi said he was willing to step up the bank’s efforts to stimulate the region’s struggling economy.