Wall Street Gains as data Points to Budding Economy

Financial and commodity-sector stocks led the S&P 500 higher in a low-volume session on Monday after consumer spending rose for a fourth straight month, pointing to a pick-up in US economic growth. Investors continued to digest comments from US Federal Reserve officials on Friday. 

 

After Fed Chair Janet Yellen said the case for a rate hike before the end of the year was strengthening, Vice Chair Stanley Fischer seemed to indicate not only the possibility of a tightening move in September but a second one in December. 

 

Besides the outperformance from cyclical sectors, utilities also rose, clawing back from a sell-off in the sector on Friday, which was its largest in four months. "Utilities are up on a bounce," said Art Hogan, chief market strategist at Wunderlich Securities in New York. 

 

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