International Courant
Merchants work on the buying and selling flooring of the New York Inventory Change on August 8, 2024.
Spencer Platt | Getty Photos
Shares rose Monday, constructing available on the market’s comeback as buyers equipped for the carefully watched Federal Reserve symposium later this week.
The Dow Jones Industrial Common added 236.77 factors, or 0.58%, to shut at 40,896.53. The S&P 500 rose 0.97% to shut at 5,608.25, whereas the Nasdaq Composite jumped 1.39% to shut at 17,876.77. The S&P 500 and Nasdaq traded their eighth in a row successful day, a primary for each indexes in 2024.
Monday’s strikes mark an extension of a latest restoration rally that was the newest twist amid a turbulent interval for shares. Notably, final week noticed the largest positive aspects this yr for the three main indexes.
August acquired off to a turbulent begin after disappointing knowledge stoked recession fears and heightened considerations that the Federal Reserve was lagging on chopping rates of interest. These worries led to a worldwide sell-off that despatched the S&P 500 to its worst day since 2022 on Aug. 5.
However contemporary knowledge final week appeared to calm a fearful market and enhance hopes that the economic system could make a delicate touchdown. Traders noticed good retail gross sales and preliminary jobless claims knowledge, together with sturdy positive aspects from WalmartAs well as, the annualized inflation charge, measured within the July shopper worth index, reached its lowest stage in additional than three years.
“The market has virtually totally recovered from the exaggerated recession fears earlier this month,” mentioned Greg Marcus, managing director of UBS Non-public Wealth Administration. However “we anticipate volatility to stay excessive for the remainder of the yr.”
“Whereas we stay usually optimistic, we don’t see a straight line up available in the market,” he mentioned. “The economic system is slowing and there’ll seemingly be a mixture of conflicting financial knowledge factors within the coming months, which is able to proceed this recession debate.”
Now, buyers are hoping for insights into the trail of rates of interest amid rising hopes of an imminent lower. They are going to be watching Fed Chairman Jerome Powell’s speech Friday on the central financial institution’s symposium in Jackson Gap, Wyoming. Earlier than then, merchants will probably be scrutinizing minutes from the Fed’s most up-to-date assembly, scheduled for Wednesday.
The Democratic Nationwide Conference additionally begins on Monday.
Inventory Market Information for August 19, 2024
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