The S&P 500 and the Dow ended with modest gains on Monday after manufacturing data raised concerns about a slowing U.S. economy that could help bring down inflation amid ongoing debt ceiling negotiations, while a rise in Meta shares helped lift the Nasdaq.
The New York Federal Reserve's "Empire State" index, a gauge of manufacturing activity in New York State on current business conditions,"This is always tough because we are in a period now where bad news is actually good news from a stocks standpoint and vice versa, but you still get the market reacting when you get a bad number because everybody then begins to worry about a recession," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.
"So we want the economy to be weak enough to bring down inflation but not so weak that it causes a recession."Also keeping markets subdued was the wrangling in Washington between the White House and Republicans in, with a meeting scheduled for Tuesday, although it was unlikely a deal would be reached then.
"We’ve been through this before, eventually they come to their senses and do something, compromise and actually get something done instead of playing this game of chicken, it’s really who blinks first," said Ghriskey.
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