Wall St rises on commodity plays, but Citi off
Stocks rose on Monday as miners and energy companies advanced on dollar weakness and investors bought recent high fliers as the quarter's end approached.
Exxon Mobil Corp
Major manufacturers and industrials, the quarter's top-performing sector, also fared well, with Caterpillar Inc
But overall volume was small at the start of a holiday-shortened week. Although the underlying tone was positive, slippage in financial shares, including a 3.3 percent drop by Citigroup
It's kind of a slow day. The move today is being led by energy and materials, and we're seeing commodities markets bounce. That is helping to push things higher, said Mike O'Rourke, chief market strategist at brokerage BTIG LLC in New York.
The Dow Jones industrial average <.DJI> rose 33.93 points, or 0.31 percent, to 10,884.29. The Standard & Poor's 500 Index <.SPX> gained 4.64 points, or 0.40 percent, to 1,171.23. The Nasdaq Composite Index <.IXIC> advanced 5.62 points, or 0.23 percent, to 2,400.75.
U.S. equity markets will be closed on Friday in observance of the Good Friday holiday.
The S&P 500 as a whole is up 5.2 percent for the quarter thus far, compared with the fourth quarter's gain of 5.5 percent.
A decline in the dollar underpinned the advance in commodities as a dollar index <.DXY> slipped 0.4 percent, while U.S. crude added 3 percent, or $2.42, to $82.40 a barrel. Among miners, shares of Newmont Mining
Money managers typically scour the market for high fliers close to quarter-end to spruce up portfolios by selling laggards in a practice known as window dressing.
It's not a bad way to start a holiday-shortened week, said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon. What we're seeing is some quarter-end rebalancing by institutional portfolio managers.
On Nasdaq, Apple Inc
Best Buy is the largest U.S. electronics retailer.
The Dow is up 4.5 percent for the quarter so far, down from gains of 7.4 percent in previous quarter, while the Nasdaq is on track for gains of 5.9 percent this quarter, versus an increase of 6.9 percent in the fourth quarter.
Among decliners, Citigroup fell to $4.17 after the U.S. Treasury announced a plan to sell the 7.7 billion shares of the bank it owns over the course of this year. That sparked some profit-taking after the stock's recent run-up.
The KBW bank index <.BKX> slipped 0.7 percent.
In economic news, U.S. consumer spending rose as expected in February for a fifth straight month, while stagnant incomes pushed savings to their lowest level since October 2008, the government said.
(Additional reporting by Caroline Valetkevitch; editing by Kenneth Barry)
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