U.S. markets hit new records during the day, then retracted, but still ended the session in the green. Technology stocks lost ground before the close. Roselle Chen reports.
Wall Street hit new records powered by financials, technology and industrials. But retracted later in the day. Shares of the major banks, such as Bank of America, Morgan Stanley, and Citigroup, were up. As were Boeing and Caterpillar. A spike in Nvidia pushed Nasdaq higher. Orbital shares jumped after Northrop Grumman said it would buy the missile maker for $7.8 billion in cash. Pictet Asset Management's Luca Paolini: (SOUNDBITE) LUCA PAOLINI, CHIEF STRATEGIST AT PICTET ASSET MANAGEMENT (ENGLISH) SAYING: "I think today, but also in the past few weeks, we've seen investors becoming confident about the global economy. We see corporate earnings going up. And, also, we feel that the central banks are still very reluctant to hike rates. So, you have dovish central banks, positive growth good earnings and valuation is extreme only in a very, very few sectors, so investors are still happy to buy into this bull market." Investors are shifting their focus to Fed's two-day meeting starting on Tuesday. Analysts say an interest rate hike is unlikely, but the central bank is expected to say when it'll start unwinding its massive bond portfolio. European shares ended close to six-week highs.