Stocks finish mostly higher, as S&P 500, Nasdaq snap losing skid.
U.S. stocks traded mostly higher on Monday, as shares of industrials and utilities companies led a tepid recovery on Wall Street.
The large-cap S&P 500 Index (NYSEARCA:SPY) rose 0.2% to close at 2,877.13. The Nasdaq Composite Index (NYSEARCA:QQQ) gained 0.3% to 7,924.16. Dow industrials (NYSEARCA:DIA) lagged the broader market, falling 59.47 points, or 0.2%, to 25,857.07.
A majority of S&P 500 companies contributed to the rally on Monday, with industrials, utilities and real estate investment trusts leading the gains.
A measure of implied volatility known as the CBOE VIX (NYSEARCA:VXX) declined from two-month highs on Monday. The so-called “fear index” dipped 4.8% to 14.17 on a scale of 1-100 where 20 represents the historic average.
Equity markets failed to rally on Friday after government data showed stronger than expected wage and employment growth for the month of August. The U.S. economy added 201,000 workers to payrolls last month as wages accelerated 2.9% annually. Both figures beat forecasts.
There were no major reports scheduled on Monday. Later this week, government economists will report on inflation, retail sales and industrial production.
The Final Word: Stocks are charting a downward path at the start of September. The month is notoriously volatile for U.S. equities, though losses are usually made up in the final quarter of the year.