NEW YORK: US stocks edged higher in intraday trading on Monday after worries receded over an explosion in New York's busy Port Authority commuter hub, while stocks rose around the world on continued solid global economic growth indicators.
The Dow Jones Industrial Average rose 36.39 points, or 0.15 percent, to 24,365.55, the S&P 500 gained 6.19 points, or 0.23 percent, to 2,657.69 and the Nasdaq Composite added 30.89 points, or 0.45 percent, to 6,870.97.
"It's a pretty flat day overall. The market is in a holding pattern until we get past the (Federal Reserve) meeting, which we won't have until the afternoon on Wednesday," said Randy Frederick, vice president of trading and derivatives at Charles Schwab in Austin, Texas.
The Fed is widely expected to raise interest rates at a two-day policy meeting that ends on Wednesday. Investors will be watching for discussion around disappointing inflation for indications on how many more rate hikes are likely next year.
Gains in the energy and technology indices helped boost Wall Street. Apple shares were up 1.7181 percent after the company confirmed it had reached a deal to acquire Shazam Entertainment, an app that identifies music as it is played from a speaker.
MSCI's gauge of stocks across the globe gained 0.36 percent.
"There's somewhat of an enthusiasm that global growth is more synchronized than it's been in a long time, and it's synchronized in the right direction," said Scott Wren, a senior global equity strategist at Wells Fargo Investment Institute in St. Louis, Missouri.
MSCI's emerging market stock index rose 0.85 percent. Its broadest index of Asia-Pacific shares outside Japan closed 0.82 percent higher, while Japan's Nikkei rose 0.56 percent.
The pan-European FTSEurofirst 300 index lost 0.01 percent.
British shares rose on a weaker pound, rising oil prices and growing confidence in the financial sector. The blue-chip FTSE 100 closed 0.8 percent higher.
Interest in the surging bitcoin and opening of futures trading continued to fuel bets on cryptocurrency-related stocks, many of which have risen exponentially in value in the past three months.
Bitcoin futures jumped more than 20 percent in the US debut on Sunday. The spot price quoted by Bitstamp showed one Bitcoin up 12.3 percent at $16,498.
TREASURY YIELDS RECOVER
Yields on US Treasury 10-year notes and 30-year bonds recovered from earlier losses related to the New York explosion.
Benchmark 10-year notes last fell 1/32 in price to yield 2.3868 percent, from 2.383 percent late on Friday.
The 30-year bond last rose 2/32 in price to yield 2.7723 percent, from 2.775 percent late on Friday.
The gap between benchmark German and US 10-year bond yields was near its widest since April on Monday, as the fiscal and policy paths of two of the world's leading economies diverge.
Monetary policy-setters for both countries are due to meet this week. While both economies are on the mend, the US Fed appears to remain on a path of tighter monetary policy while the European Central Bank looks to be on hold for the foreseeable future. In addition, US tightening comes as US President Donald Trump pushes a tax overhaul plan that is expected to balloon its fiscal deficit.
The dollar index fell 0.06 percent, with the euro up 0.2 percent at $1.1788.
Oil prices rose, reversing earlier losses, after a North Sea pipeline shut for repairs and investors focused on commodities following the New York blast.
US crude rose 0.99 percent to $57.93 per barrel and Brent was last at $64.65, up 1.97 percent on the day.
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