by Caroline Valetkevitch
NEW YORK, Aug 15 (Reuters) – The New York Stock Exchange ended higher on Monday, driven by gains in growth stocks as U.S. Treasury yields fell.
The Dow Jones Industrial Average gained 0.45%, or 151.39 points, to 33,912.44 points.
The broader S&P-500 gained 16.99 points, or 0.39%, to 4,297.14 points.
The Nasdaq Composite advanced for its part by 80.86 points (0.62%) to 13,128.05 points.
Apple and Microsoft were among the biggest risers in the S&P 500 and Nasdaq.
US Treasuries ended slightly lower as China’s central bank lowered two of its key rates on Monday after the release of indicators showing a slowdown in economic activity in July.
US indices extended their gains, after benefiting last week from data showing an improvement in consumer expectations for inflation.
These signs favor a downward revision of the Fed’s rate hike expectations for now.
“We’re back to growth that’s doing well relative to value, and market participants are looking at the Fed and saying, ‘Hey, they’re going to cut rates sooner than expected, and that’s going to be good for the market,'” said Paul Nolte, portfolio manager at Kingsview Asset Management.
Major retailers are due to release their quarterly results this week, including those of Walmart and Home Depot, due Tuesday.
(With contributions from Bansari Mayur Kamdar, Susan Mathew and Sruthi Shankar; French version Camille Raynaud)