INSUBCONTINENT EXCLUSIVE:
The US markets ended modestly higher on Monday
The major averages jumped back and forth along the unchanged line as traders looked to cash in on last week's rally, which lifted the major
averages to their best closing levels in over two months owed to US-China trade deal
Besides, Moody's downgrading the US debt rating by a notch to Aa1 from Aaa weighed on the investors sentiments
Moody's said the downgrade reflects the increase over more than a decade in government debt and interest payment ratios to levels that are
significantly higher than similarly rated sovereigns
Meanwhile, traders also remained cautious after the Conference Board released a report showing its reading on leading U.S
economic indicators slumped by more than expected in the month of April
The report said the leading economic index tumbled by 1.0 percent in April after sliding by a downwardly revised 0.8 percent in March, while
the street had expected the leading economic index to decrease by 0.8 percent compared to the 0.7 percent drop originally reported for the
However, selling pressure waned over the course of the session as market participants seem to remain generally optimistic about the outlook
for the markets.On sectoral front, Gold stocks saw substantial strength on the day, as the price of the precious metal surged in reaction to
Moody's downgrade of the U.S
Reflecting the strength in the sector, the NYSE Arca Gold Bugs Index jumped by 2.2 percent
Moreover, biotechnology, healthcare and brokerage stocks also saw some strength, while energy stocks moved to the downside despite an
increase by the price of crude oil.Dow Jones Industrial Average advanced 137.33 points or 0.32 percent at 42,792.07, S&P 500 inched up 5.22
points or 0.09 percent to 5,963.60 and Nasdaq crept up 4.36 points or 0.02 percent to 19,215.46.
