US: S&P 500, Nasdaq end at fresh records

WALL Street stocks edged higher on Monday ahead of a Federal Reserve meeting, with both the S&P 500 and Nasdaq finishing at fresh records after a choppy session.

While the Fed is expected to hold interest rates steady, the central bank’s commentary will be analyzed for its implications for monetary policy later in 2024.

Investors are also looking ahead to a key consumer price report, which will be released on Wednesday.

The Dow Jones Industrial Average finished up 0.2 per cent at 38,868.04.

The broad-based S&P 500 climbed 0.3 per cent to 5,360.79, while the tech-rich Nasdaq Composite Index advanced 0.4 per cent to 17,192.53.

Among individual companies, Southwest Airlines jumped 7.0 per cent following a Wall Street Journal report that activist fund Elliott Investment Management took a stake of nearly US$2 billion in the struggling airline.

SEE ALSO

US: Wall Street slips as investors prepare for inflation data, Fed meeting

Musk to ban Apple devices if OpenAI is integrated into OS

Asean Intelligence

Get insights into businesses across South-east Asia

Get the free report

Apple fell 1.9 per cent as it unveiled “Apple Intelligence”, its suite of new AI features for its coveted devices - including a partnership with Open AI.

Diamond Offshore jumped 10.9 per cent after the oil services company agreed to be acquired by Noble Corp in a deal combining offshore drilling companies worth about US$1.6 billion. Noble rose 6.1 per cent. AFP