U.S. stocks ended Monday with modest gains after fluctuating for the final stretch of the trading session as investors attempted to come to terms with Federal Reserve policy that could remain restrictive for longer than previously expected.
The S&P 500 and the Nasdaq 100 bounced back after a dismal week for Wall Street. The 10-year Treasury yield slid to hover around 3.92 per cent. A dollar index retreated.
“We have had a bit of a repricing in markets in February where there is more concern that central banks will have more work to do,” Sam Lynton-Brown, global head of macro strategy at BNP Paribas, said on Bloomberg Television. “The view we have is that there’s still some further room to run on that repricing. So either equities are at risk to come lower or rates are at risk to head higher.”
Orders placed with U.S. factories for business equipment also rose in January as companies continued to make longer-term capital investments despite uncertainty about where the economy is headed. And excluding transportation equipment, durable goods orders rose more than expected.
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