U.S. stocks rise ahead of inflation, retail sales data

Traders work on the floor of the New York Stock Exchange  in New York U.S

Traders work on the floor of the NYSE in New York Thomson Reuters

USA stocks advanced on Monday, with gains in shares of chipmakers and technology giants helping Wall Street extend last week's rally that was powered by United States jobs data.

The S&P 500 index gave up 3.55 points, or 0.1 per cent, to 2,783.02.

"It is a quiet day in terms of news and you still have the tariff fears kind of circling in the markets", said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird in Milwaukee.

Canada's main stock index closed higher Monday while US markets were mixed as questions continue about the potential impacts of metal tariffs.

The report also showed moderating wage growth, mitigating fears of runaway inflation that could prompt the Federal Reserve to hasten its pace of interest rate hikes.

However, the S&P and the Dow have almost reclaimed those losses.

The Dow Jones industrial average fell on Monday as investors anxious a trade war could develop after President Donald Trump implemented tariffs on steel and aluminum imports. Rapid gains in technology stocks have already powered the Nasdaq back to its record levels. France's CAC 40 rose 0.04%, and Germany's DAX increased 0.6% while the UK's FTSE 100 eased 0.1%.

Last week's gains were also supported by U.S. President Donald Trump's softer stance on his decision to impose import tariffs on steel and aluminum by exempting Canada and Mexico.

However, the tech-heavy Nasdaq Composite peaked to a lifetime closing high backed by all-time high touched by shares of Apple Inc and Amazon.com, Inc.

Oclaro (OCLR.O) jumped 25 percent and was the most traded stock premarket after laser and optical fiber specialist Lumentum Holdings (LITE.O) said it would buy the optical components producer for $1.7 billion. Lumentum's shares rose 5.6 percent.

Advancing issues outnumbered decliners on the two major exchanges, by a 1.17-to-1 ratio on the NYSE and a 1.40-to-1 ratio on the Nasdaq.

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