US markets gain; S&P marks longest winning streak in 6 months

The US markets closed higher on Monday, with investors back into action after the long holiday weekend, helping the S&P 500 to extend its winning streak to the longest in six months. On the economic front, data showed an index of economic strength in the US rose in March by the most in four months, a sign that economic expansion will strengthen following harsh winter weather. The Conference Board’s leading economic index rose 0.8% in March, after a 0.5% rise in February. Separately, the Chicago Fed National Activity Index decreased to 0.20 in March from 0.53 in February. Two of the four categories of indicators that make up the index made positive contributions to the index, and the other two decreased from February. The index’s three-month moving average rose to a neutral reading in March from negative 0.14 in February. March’s moving average suggests growth in national economic activity was at its historical trend.

The Dow Jones Industrial Average added 40.71 points or 0.25 percent, to 16,449.25, the Nasdaq Composite was up by 26.03 points or 0.64 percent, to 4,121.55, while the S&P 500 gained 7.04 points or 0.38 percent, to close at 1,871.89.

The Indian ADRs closed mostly in green on Monday; ICICI Bank was up 1.30%, HDFC Bank was up 0.52%, Infosys was up 0.30% and Tata Motors was up 0.11%. On the other hand, Wipro was down by 0.10%.