TSX higher as banks, energy stocks gain

Stocks continue slow but steady climb

However, traders seemed reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement on Wednesday.

Six of the 11 major S&P sectors were higher, with the financial sector's one-per cent gain providing the biggest boost and the biggest percentage gain was the telecom services sector's roughly two per cent jump due to mergers and acquisitions speculation.

Jack Ablin of BMO Private Bank told AFP investors likely now expect the Fed will brush aside concerns about economic damage from back-to-back hurricanes Harvey and Irma, and raise interest rates for a third time later this year.

The blue-chip Dow Jones Industrial Average gained 0.3 percent to end the session at 22,331.35, while the broader S&P 500 rose 0.2 percent to 2,503.87, just a hair's breadth more than Friday's prior record finish.

On the US economic front, the Commerce Department released a report showing an unexpected decrease in new residential construction in the month of August.

Best Buy fell more than 8 percent after the No.1 US electronics retailer forecast 2021 adjusted earnings well below Wall Street estimates.

The report said industrial production slumped by 0.9 percent in August after climbing by an upwardly revised 0.4 percent in July.

The report said export prices also rose by 0.6% in August following a 0.5% increase in the previous month. Economists had expected production to inch up by 0.1 percent.

Most of the major sectors showed only modest moves on the day, although significant strength emerged among semiconductor stocks.

Graphics chipmaker Nvidia (NVDA) posted a standout gain after Evercore ISI raised its price target on the company's stock to $250 from $180.

Financial stocks have also moved to the upside on the day, while weakness visible among biotechnology and healthcare stocks. The FTSE 100 index of leading British shares rose 0.4 percent to 7,278.

ASIA'S DAY: Japan's benchmark Nikkei 225 added almost 2.0 per cent to finish at 20,299.38, coming off a national holiday on Monday.

Meanwhile, the major European markets moved to the upside on the day.

The Hang Seng Index slid 0.27% while gains on the mainland were subdued.

At 10 am ET, the National Association of Home Builders is scheduled to release its report on homebuilder confidence in the month of September.

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