U.S. stocks closed higher on Monday, following positive momentum from Europe, as investors looked to Federal Reserve speeches and economic data for signals on the timing of a rate hike.
“The first quarter is behind us, whether it’s earnings or data,” said Art Hogan, chief market strategist at Wunderlich Securities, noting several economic reports for April expected in the next few days. “It’s all about the data that’s fresh and forward-looking.”
The S&P 500 ended higher, up 6.20 points, or 0.29 percent, at 2,114.49, a few points shy of its closing high of 2,117.69. Financials led seven sectors higher, with materials the greatest laggard.
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JPMorgan Chase gained 1.75 percent to lead the Dow Jones industrial average, which closed up 46.34 points, or 0.26 percent, at 18,070.40. The blue chip briefly gained 100 points in intraday trade and held above 18,000, about about one percent away from its closing high.
The U.S. 10-year Treasury yield gained to trade near 2.14 percent. The U.S. dollar edged higher, with the euro slightly lower near $1.11.
The Nasdaq Composite closed up 11.54 points, or 0.23 percent, at 5,016.93, with the iShares Nasdaq Biotechnology ETF (IBB) closing up 0.35 percent, just below its 50-day moving average.
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