Rally may build in absence of trade, Fed surprises

US stock indexes recorded their biggest gains since November last week despite a weak showing for Boeing and other manufacturers as fears about Brexit and US-China trade negotiations subsided.

The upward momentum could build this week, unless there are setbacks in those negotiations or a hawkish surprise from the Federal Reserve.

Macroeconomic data was decidedly mixed. New home sales were stronger than anticipated in January, reflecting the decline in mortgage rates. Fears about the slowing of the industrial end of the world's largest economy were temporarily assuaged by a tally of business investment and durable-goods orders in January. A separate survey of overall US factory output showed a decline in February, however.