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US stock indexes eke out tiny gains, led by energy

Trader Kevin Lodewick works on the floor of

Trader Kevin Lodewick works on the floor of the New York Stock Exchange on Tuesday, April 4, 2017. Photo Credit: AP / Richard Drew

U.S. stock indexes eked out tiny gains Monday as news of several corporate deals helped lift the market.

Energy stocks led the gainers as the price of crude oil rose for the fifth day in a row. Phone companies were the biggest laggards.

“There’s not a lot of impetus to move markets today,” said David Schiegoleit, managing director at the Private Client Reserve at U.S. Bank. “The market is just biding time until we get more data.”

The Standard & Poor’s 500 index gained 1.62 points, or 0.1 percent, to 2,357.16. The Dow Jones industrial average rose 1.92 points, or 0.01 percent, to 20,658.02. The Nasdaq composite index added 3.11 points, or 0.1 percent, to 5,880.93.

Bond prices rose. The 10-year Treasury yield fell to 2.36 percent from 2.38 percent late Friday.

Trading was mostly quiet ahead of the Good Friday holiday, when U.S. markets will be closed. In addition, no major economic reports are due out this week, though the next cycle of company earnings reports kicks off on Wednesday.

Several oil industry stocks got a boost from rising crude prices. Hess climbed $1.92, or 4 percent, to $49.97. Rig operator Transocean rose 32 cents, or 2.6 percent, to $12.75.

Benchmark crude oil closed higher for the fifth day in a row, adding 84 cents, or 1.6 percent, to $53.08 a barrel in New York.

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