Wall Street Rises as Investors Await Inflation Data, Fed Rate Cuts
Wall Street's three major indexes closed higher on Monday as investors looked for bargains after the previous week's sell-off while they also waited for inflation reports in coming days and the Federal Reserve's next policy decision next week.
Investors had fled from equities last week when Friday's weaker-than-expected August jobs data followed weak manufacturing data on Tuesday, driving the Nasdaq Composite's biggest weekly loss since January 2022, and the S&P 500's biggest weekly decline since March 2023.
According to preliminary data, the S&P 500 gained 63.01 points, or 1.16%, to end at 5,471.16 points, while the Nasdaq Composite gained 196.83 points, or 1.18%, to 16,884.60. The Dow Jones Industrial Average rose 481.09 points, or 1.19%, to 40,826.50.
This week's key events include the consumer price index (CPI) report, due Wednesday morning after Tuesday night's first debate between U.S. presidential candidates Democrat Kamala Harris and Republican Donald Trump ahead of the Nov. 5 election.
Source : Reuters