S&P ends flat

Credit: Reuters Studio
Published on June 17, 2019 - Duration: 00:59s

S&P ends flat

The S&P 500 closed flat Monday as investors awaited a Federal Reserve meeting that is expected to lay the groundwork for an interest rate cut later this year.

Fred Katayama reports.


S&P ends flat

Stocks on Wall Street edged cautiously higher Monday ahead of a meeting of Federal reserve policymakers this week.

The Dow and S&P 500 finished just above the flatline.

Stocks have risen sharply this month, investors betting the Fed will cut interest rates fearing a slowing u.s. economy.

Washington Crossing Advisors senior portfolio manager, Kevin Caron: SOUNDBITE: WASHINGTON CROSSING ADVISORS SENIOR PORTFOLIO MANAGER, KEVIN CARON (ENGLISH) SAYING: "Not a lot happening.

I wouldn't expect traders to be taking big positions ahead of Wednesday's FOMC meeting." But there was a lot happening in the acquisition arena.

Sotheby's shares skyrocketed.

The founder of the media group Altice is taking the auction house private in a $3.7 billion deal.

Array Biopharma shares also leapt.

Pfizer is buying the drugmaker for $10.6 billion to bolster its portfolio of cancer treatments.

Shares of Chewy gave up some gains on Monday..

The first trading session after its blockbuster debut on Friday - when the online pet retailer's stock soared nearly 60 percent.

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