S&P 500 posts record high, extending 2019 rally

NEW YORK: The S&P 500 set an intraday record high on Monday, bolstering the view that the decade-long bull market has further to run, after consumer spending rose in March and inflation data was benign.

A Commerce Department report showed U.S. consumer spending increased by the most in more than 9-1/2 years in March, but a key inflation measure posted its smallest annual gain in 14 months. "It's really about the administration continuing to hint a trade agreement is near," said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey."People don't want to miss out on the expected rally from that news."

Analysts now expect earnings of S&P 500 companies to have fallen just 0.2per cent in the first quarter, a sharp improvement from a 2per cent fall estimated at the beginning of the month, according to IBES data from Refinitiv data.

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