Stocks Higher for 4th Straight Session Ahead of Inflation Report
Stocks rose on Monday as a weaker dollar and growing confidence that inflation has peaked helped Wall Street’s relief rally continue ahead of key inflation report. The Dow Jones Industrials raced 229.63 points to conclude Monday at 32,381.34 The SP 500 tacked 43.05 points, or 1.1%, to 4,110.41. The NASDAQ Composite jumped 154.10 points, or 1.3%, to 12,266.41. Energy was the top sector, but the rally was broad, with Bristol-Myers Squibb gaining nearly 6% and tech stalwart Apple adding 3.4%. The moves extended a rebound for U.S. stocks, as all three major averages snapped a three-week losing streak on Friday. Stocks have been volatile ahead of the September 20-21 meeting of the Federal Reserve, where the central bank is expected to deliver its third consecutive 0.75-percentage-point rate hike in an effort to combat high inflation. Wall Street investors have been looking for signs that future rate hikes might be smaller as inflation cools off, but Fed Chair Jerome Powell last week reiterate Treasury prices retreated Monday, raising yields to 3.35% from Friday’s 3.32%.
Stocks Higher for 4th Straight Session Ahead of Inflation Report
Stocks rose on Monday as a weaker dollar and growing confidence that inflation has peaked helped Wall Street’s relief rally continue ahead of key inflation report. The Dow Jones Industrials raced 229.63 points to conclude Monday at 32,381.34 The SP 500 tacked 43.05 points, or 1.1%, to 4,110.41. The NASDAQ Composite jumped 154.10 points, or 1.3%, to 12,266.41. Energy was the top sector, but the rally was broad, with Bristol-Myers Squibb gaining nearly 6% and tech stalwart Apple adding 3.4%. The moves extended a rebound for U.S. stocks, as all three major averages snapped a three-week losing streak on Friday. Stocks have been volatile ahead of the September 20-21 meeting of the Federal Reserve, where the central bank is expected to deliver its third consecutive 0.75-percentage-point rate hike in an effort to combat high inflation. Wall Street investors have been looking for signs that future rate hikes might be smaller as inflation cools off, but Fed Chair Jerome Powell last week reiterate Treasury prices retreated Monday, raising yields to 3.35% from Friday’s 3.32%.