Market Wrap: Muted Response to Trade Progress, Goldman Sachs Note on Buybacks
U.S. stocks were having a positive, if unspectacular, day of trading Monday as the U.S. and China supposedly make progress in trade talks.
The Dow was still being weighed down by Boeing , but the blue chip index was still able to end trading in the green Monday.
The Nasdaq and S&P had stronger days of trading and both finished well in positive territory.
The S&P closed above 3,000 for the first time since September 19.
Meanwhile at Goldman Sachs, analysts published a note saying that second quarter share buybacks from S&P 500 companies was down 18%.
The firm also expects that trend to continue with full-year forecasts of a 17% decline.
While companies spent just $161 billion in second quarter buybacks, last year companies announced a record $1.1 trillion in share buybacks.
That spending spree was spurred by the tax cuts signed by the Trump administration late in 2017.
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