By April Joyner
NEW YORK (Reuters) - Wall Street's major indexes rose on Monday on optimism over trade talks between the United States and China, though they fell from session highs after President Donald Trump criticized the Federal Reserve's raising interest rates.
U.S. stocks moved lower in the last 10 minutes of the session after Trump, in an interview with Reuters, said he was "not thrilled" with Fed Chairman Jerome Powell and accused China and Europe of manipulating their respective currencies.
But stocks retained most of their gains from earlier in the day, as talks between the United States and China planned for later this week provided a boost to the trade-sensitive industrial sector <.SPLRCI>. Industrial stocks rose 0.6 percent.
The S&P 500 energy <.SPNY> and materials <.SPLRCM> indexes both rose 0.7 percent as easing trade concerns also helped lift prices of oil and metal.
"What's working are things that would benefit from any relief on the trade side," said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. "Industrials, materials and energy are all outperforming."
The Dow Jones Industrial Average <.DJI> rose 89.37 points, or 0.35 percent, to 25,758.69, the S&P 500 <.SPX> gained 6.92 points, or 0.24 percent, to 2,857.05 and the Nasdaq Composite <.IXIC> added 4.68 points, or 0.06 percent, to 7,821.01.
This week, investors are turning their attention to central bank policies as the earnings season winds down.
The Federal Market Open Committee will release minutes from its August policy meeting on Wednesday. The minutes are expected to indicate the Fed's confidence in U.S. economic growth and commitment to further interest rate increases.
Later in the week, Fed Chair Jerome Powell and other central bankers will meet in Jackson Hole, Wyoming. On their agenda is a discussion of the root causes of stubbornly low inflation, slow wage growth and weak productivity gains in the U.S. economy
Shares of Nike Inc
Advancing issues outnumbered declining ones on the NYSE by a 2.36-to-1 ratio; on Nasdaq, a 1.55-to-1 ratio favoured advancers.
The S&P 500 posted 50 new 52-week highs and no new lows; the Nasdaq Composite recorded 114 new highs and 70 new lows.
Volume on U.S. exchanges was 5.31 billion shares, compared to the 6.53 billion average for the full session over the last 20 trading days.
(Reporting by April Joyner; additional reporting by Shreyashi Sanyal in Bengaluru; Editing by Jonathan Oatis and Chizu Nomiyama)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Updated Date: Aug 21, 2018 03:05 AM