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The S&P 500 ticked higher on Monday as the market neared the end of what’s looking like a winning month and quarter.
The Dow Jones Industrial Average dug itself out of the red to advance 17.15 points and wind up Monday 42,330.15.
The S&P 500 index regrouped 24.26 points to 5,762.43
The NASDAQ Composite regained 69.58 points to 18,189.17.
Stocks rallied into the close, erasing loses seen after commentary from Fed Chair Jerome Powell. He said Monday that more decreases could be forthcoming, but cautioned that the central bank did not have a preset path. If the economy moves as expected, he said to expect two rate cuts of a quarter percentage point each remaining this year.
Month to date, the Dow and the S&P 500 are up nearly 2% each. The tech-heavy NASDAQ has advanced 2.7% in September.
The Dow was on track to finish the quarter more than 8% higher. The S&P 500 added 5.5% and the NASDAQ climbed 2.5%, since July began.
Shares of 3M surged more than 33% on the quarter, leading the blue-chip average higher. That would mark its best quarter on record going back to the early 1970s.
Looking ahead, October has a troubling history for markets. It’s known as a time of extreme volatility with some of the more notable Wall Street drawdowns occurring during the month.
Prices for the 10-year Treasury sagged to raise yields to 3.79% from Friday’s 3.75%. Treasury prices and yields move in opposite directions.
Oil prices gained nine cents at $68.27 U.S. a barrel.
Gold prices flopped $15.10 to $2,653 U.S. an ounce
