WALL STREET | Stocks edge higher after record-setting week

NEW YORK (AP) — U.S. stocks followed a record-setting week by edging slightly higher in early trading on Wall Street Monday.

Solid corporate earnings reports helped take some pressure off the market over the last several weeks. Analysts have been expecting a sharp downturn in corporate profit, but it has yet to materialize. The steady stream of earnings results will continue this week, giving investors a broader picture of the economy’s health.

Banks and financial companies led the market gains following a government report that consumer spending in March surged to its biggest gain in nearly a decade. Bank of America rose 2.3 percent and JPMorgan Chase rose 1.6 percent

Ingersoll-Rand helped lift industrial companies on media reports that it is making a deal with Gardner Denver Holdings.

Health care and energy companies lagged the broader market and held early gains in check.

Looking ahead to the week, investors are closely watching The Federal Reserve, which meets Tuesday to update its interest rate forecast. The central bank has indicated it won’t raise rates this year, and that has taken some pressure off the market. Investors are hoping it will continue with its hands-off approach.

More relief is also coming from ongoing negotiations between the U.S. and China as they try to end a costly trade war. Both sides have said they are making progress and are continuing talks this week.