US stocks finished mixed Monday ahead of a Federal Reserve policy board meeting that analysts hope will provide a better picture of the US economy’s direction.
The Dow Jones Industrial Average closed up 37.69 points (0.29 per cent) at 12,959.71.
The broad-based S&P 500 lost 0.22 points (0.02 per cent) to 1,371.09, while the tech-heavy Nasdaq Composite fell 4.68 points (0.19 per cent) to 2,983.66.
With few headlines to guide trade, investors were also awaiting the results of a meeting late Monday of European Union finance ministers to finalise the 130 billion euro second bailout of Greece and review Spain’s request for leeway as it misses goals for its rescue program.
The Fed’s policy board meanwhile is not expected to take any action at a one-day meeting on Tuesday, but could give a sign of whether the central bankers are seeing the cup of the perplexing US economy half empty or half full.
“We aren’t looking for anything of substance when the Fed releases its post-meeting statement at 2.15 (0515 AEDT),” said Joseph Balestrino of investment manager Federated.
“If you’re a golfer and it’s sunny, go ahead and hit the links. You’re not going to miss much.”
Disney shares rose 0.2 per cent despite the poor performance of its new $350 million dollar film “John Carter” on its opening weekend – scoring ticket sales estimated at just $US30 million ($A28.52 million).
Boeing gained 0.4 per cent despite a World Trade Organisation appeal ruling that it had received $US3-4 billion in illegal subsidies from US authorities.
US-traded shares of Chinese online video streaming firms Youku and Tudou jumped after the two announced they would merge.
In the deal valued at $US1 billion ($A950.66 million), Tudou will become part of its larger rival, and Tudou shareholders will be paid in shares of Youku, while Tudou will be delisted.
Youku shares jumped 27.4 per cent while Tudou skyrocketed 156.5 per cent.
Bond prices rallied. The yield on the 10-year Treasury fell to 2.03 per cent from 2.04 per cent Friday, while the 30-year dropped to 3.17 per cent from 3.19 per cent.
Bond prices and yields move in opposite directions.
