The Dow Jones Industrial Average rose 417.06 points, or 1.34%, to 31,499.62, the S&P 500 gained 44.59 points, or 1.19%, to 3,797.34 and the Nasdaq Composite added 92.90 points, or 0.86%, to 10,952.61.Īmong the 11 major sectors in the S&P 500, nine closed green, with healthcare enjoying the largest percentage gain. "They may be achieving their goal and we might be approaching the fourth quarter of rate hikes, to use an football analogy." "It’s a sign the economy is slowing down and what the Fed is doing is working," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. stock indexes gained momentum throughout the first session of a week jam-packed with high profile corporate earnings and crucial economic data.Ī report from S&P Global showed a contraction in business activity this month, offering a hint that the Federal Reserve's barrage of steep interest rate hikes are having their desired effect, raising hopes that the central bank could begin slowing the pace of increases to the Fed funds target rate. stocks advanced on Monday, extending last week's gains as signs of economic softness suggested the effects of the Fed's aggressive policy aimed at cooling the economy, thereby curbing decades-high inflation, are beginning to take root.Īll three major U.S.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |