Stocks advanced on Monday, building on the market’s comeback as investors readied for the closely watched Federal Reserve symposium later this week.
The Dow Jones Industrial index ballooned 196.51 points by noon Monday at 40,856.27
The S&P 500 index gained 23.31 points to 5,577.56.
The NASDAQ sprang back up 68.51points to 17,700.33.
Stocks are coming off a winning week, the latest turn amid a volatile stretch for equities. Notably, the broad S&P 500 rallied nearly 4% for its best week since 2023, while the Nasdaq jumped more than 5% as tech stocks led the rebound.
August had a turbulent start after disappointing data fueled recession fears and bolstered concerns that the Federal Reserve was behind the curve on lowering interest rates. Those worries sparked a global selloff, pushing the S&P 500 on Aug. 5 to record its worst day since 2022.
But fresh data last week seemed to subdue an anxious market and boost hopes that the economy can attain a soft-landing scenario.
Investors saw good stats on retail sales and initial jobless claims, in addition to strong earnings from Walmart. On top of that, the annualized inflation rate measured in July’s consumer price index touched its lowest level in more than three years.
Now, investors are hoping for insights into the path of interest rates amid mounting hopes for a forthcoming cut. Federal Reserve Chair Jerome Powell will speak Friday at the central bank’s symposium in Jackson Hole, Wyoming. Before then, traders will parse minutes from the Fed’s most recent meeting due on Wednesday.
Prices for the 10-year Treasury were static, keeping yields at Friday’s 3.88%.
Oil prices slipped 31 cents at $76.34 U.S. a barrel.
Gold prices tacked on $4.50 to $2,542.30.
