Stocks Gain as Investors Shrug Off Trade Concerns: Markets Wrap
- Oil falls after Trump pushes for increased Saudi production
- Dollar climb rattles EM, trading thin ahead of July 4 holiday
U.S. stocks reversed early losses to trade higher on light volume Monday as investors looked past potentially rising global trade tensions to focus on tech strength. The dollar climbed, roiling emerging markets, while oil drifted lower as President Donald Trump called for Saudi Arabia to increase petroleum production in order to reduce prices.
The S&P 500 Index rose as information technology companies and utilities offset weakness in energy, while the Nasdaq indexes also climbed. With U.S. trading desks thinly staffed ahead of the July 4 holiday, volume in S&P 500 stocks was about 17 percent below average and activity in Nasdaq shares was 22 percent less than normal. The euro pared losses after reports that the German Interior Minister said he’d resolved a coalition clash with Chancellor Angela Merkel.