Midnight Trader | Jun 17, 2013 04:07PM ET
U.S. stocks ended higher, Monday, fighting back from a late-afternoon slump, fueled by ongoing concerns the Federal Reserve may signal it will scale back monetary stimulus at the conclusion of its next policy meeting this week. Equities got an early boost from positive data on manufacturing activity in New York State but started to fade following a newspaper report the central bank is ready to taper its stimulus efforts.
Stocks retreated from early highs through much of the afternoon, only to turn sharply higher just before the closing bell. The initial retreat from the best levels of the day came after the Financial Times reported that Fed Chairman Ben Bernanke is likely to signal the central bank is close to tapering its $85 billion in asset purchases when he gives a press conference June 19 following a two-day policy meeting.
Data Dump
Two reports helped get Monday's session off to a roaring start. The National Association of Home Builders/Wells Fargo Housing Market index surged to 52 in June from 44 in May, handily topping forecasts for 45 reading. It was the biggest one-month gain since 2002 and the first time the index has risen above 50 since April 2006.
Separately, the New York Fed's Empire State general business conditions index rose to 7.84 from minus 1.43 in May, topping expectations for zero. A reading above zero indicates expansion.
Commodities were mostly lower. Crude oil for July delivery settled 8 cents lower at $97.77 per barrel while July natural gas added 14 cents to finish at $3.83 per 1 mln BTU. August gold fell $4.50 to $$1,382.80 per ounce while July silver slipped 20 cents to settle at $21.76 per ounce. July copper were little changed at $3.20 per pound.
Here's Where The U.S. Markets Stood At Day's End
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