NEW YORK (Reuters) – U.S. stocks ended flat on Monday as increased expectations of stimulus from central banks around the world were offset by losses in technology and healthcare shares.
Investors also appeared to pull back from buying after the market posted solid increases last week, strategists said. Microsoft Corp (MSFT.O) was the day’s biggest drag on the S&P 500 and Nasdaq.
The S&P 500 financial index .SPSY was among the day’s best-performing groups, rising 1.5%, with banks .SPXBK gaining 3.2% and U.S. Treasury yields up on rising bets of an interest rate cut at the U.S. Federal Reserve’s September meeting.
Cementing those expectations, Fed Chairman Jerome Powell said late last week the central bank would “act as appropriate” to sustain economic expansion, a phrase