US stocks end higher, ending losing streak
Wall Street stocks scored modest gains on Monday as worries about a possible US government shutdown and lofty interest rates limited the bounce following recent weakness. Briefing.com pointed to investor sentiment "that the market is due for a bounce" after all three major indices fell the last four days. But Washington is bracing itself for a potential government shutdown as hardline Republicans in the House of Representatives block key spending bills. Moody's warned that a government shutdown this weekend would have negative implications for the country's top tier credit rating. The Dow Jones edged up 0.1 percent at 34,006. The S&P 500 gained 0.4 percent to 4,337, while the Nasdaq advanced 0.5 percent to 13,271. Analysts have also cited the elevated level of US Treasury yields as a drag on equities, along with worries over the China property sector after developer Evergrande announced that it would be unable to carry out a restructuring plan. Entertainment companies were mixed after the Writers Guild of America announced a tentative deal with studios. Disney slipped 0.3 percent and Warner Brothers Discovery tumbled 4.0 percent while Netflix gained 1.3 percent. Boeing gained 0.6 percent despite announcing it reached an agreement to sell 18 Dreamliner 787-10s to Air Canada, with an option for another 12. 3M fell 2.3 percent after disclosing that it had idled PFAS "forever" chemicals operations at a facility in Belgium, which could affect deliveries to customers. The manufacturing giant said it is "unable to predict the ultimate scope and extent" of any negative impact on operations. (AFP)