U.S. stocks trimmed
monthly gains, with the Standard & Poor’s 500 Index clinging to a
slim November increase, as investors prepared for policy decisions from
central banks while awaiting a slew of economic data this week.
The S&P 500
advanced 0.1 percent in the month as signs of a strengthening U.S.
economy offset concerns that the Federal Reserve intends to raise
interest rates this year, throttling back on stimulus that has
underpinned the 6 1/2 year equities bull market. The rising prospects
for tighter monetary policy boosted financial shares to a 1.7 percent
gain in November, while utility stocks tumbled 2.8 percent as their
dividend yields lose luster as bond rates rise.
The S&P 500 Index fell 0.5 percent to 2,080.67 at 4 p.m. in New York, capping its first consecutive monthly gains since May.
As investors look for
further confirmation that the economy is sturdy enough to handle higher
borrowing costs, data today showed contract signings to purchase
previously owned U.S. homes rose less than forecast in October, showing
residential real estate is cooling heading into the quieter selling
season. Other reports this week include manufacturing data tomorrow and
the monthly government jobs report on Friday.
Federal Reserve Chair
Janet Yellen will speak to Congress on Thursday and the European Central
Bank will hold its last policy meeting of the year amid growing
speculation the ECB will take additional steps to boost inflation. OPEC
members will also meet to discuss oil production.
Source : Bloomberg
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