Major equity indexes in the U.S. opened modestly higher on Monday boosted by the upbeat data and improved market sentiment. The S&P 500 and the Nasdaq Composite both renewed their record highs right after the opening bell and was last seen up 0.08% and 0.05% respectively while the Dow Jones Industrial Average was virtually unchanged on the day.
The data published by the U.S. Bureau of Economic Analysis today revealed that consumer spending recorded its biggest monthly increase since 2009 by rising 0.9% in March. Although other details of the report revealed that personal income increased by less than expected in the same period, it didn’t hurt the market sentiment.
Reflecting the strong risk appetite, the 10-year T-bond yield rose nearly 1% and helped the S&P 500 Financials Index start the day on a strong footing. As of writing, the index is the best performing sector among the 11 major S&P 500 sectors, gaining more than 1% on the day. On the other hand, Healthcare and Utilities indexes are down around 0.5% on the day to lead the losers.
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