US STOCKS added on Monday

U.S. stocks rose, with the Standard & Poor’s 500 Index rebounding from last week’s decline, as investors weighed economic data with the prospects for stimulus cuts ahead of this week’s Federal Reserve policy meeting.

The S&P 500 (SPX) climbed 1.1% to 1,644.59. The Dow Jones Industrial Average rallied 169.86 points, or 1.1%, to 15,240.04. Trading of S&P 500 companies was 12% lower than the 30-day average at this time of day.

A report today showed manufacturers in the New York region felt more optimistic in June even as orders, sales and employment dropped, indicating the area’s factories are looking beyond the current slowdown in growth. Separate data showed confidence among U.S. homebuilders surged in June to the highest level in seven years, reflecting gains in sales as Americans rushed to take advantage of low mortgage rates.

Nine of 10 industries in the S&P 500 advanced, with technology and energy stocks rising at least 1.5%. 

Netflix Inc. (NFLX) jumped 7.6% after agreeing to a multi-year deal with DreamWorks Animation SKG Inc. to obtain original programming. Micron Technology Inc. (MU) advanced 4.7% after Citigroup Inc. lifted its price target on the largest U.S. maker of memory chips.

Link>>