Markets closed up higher for the first day of the month.
ASSOCIATED PRESS Enlarge
NEW YORK — An early rally on Wall Street faded away in afternoon trading, but indexes closed modestly higher on the first day of the month.
The Dow Jones industrial average rose 65 points, or 0.4 percent, to close at 14,974 today. It had been up as much as 173 in the early going. The Dow lost momentum in the last two hours of trading.
The Standard & Poor’s 500 rose eight points, or 0.5 percent, to 1,614. The Nasdaq rose 31 points, or 0.9 percent, to 3,434.
Stocks rose as investors judged that the U.S. economy still isn’t growing fast enough for the Federal Reserve to cut back its stimulus.
Two stocks rose for every one that fell on the New York Stock Exchange. Volume was light at 3.1 billion shares.