The U.S. stock market closed on a high note on Monday, with the Dow Jones Industrial Average (DJIA) having its strongest performance in about seven weeks. According to preliminary FactSet data, the Dow rose by approximately 408 points or 1.2%, finishing near 35,473. This marked a significant improvement for the index as it snapped a three-session decline and achieved its best daily percentage gain since June 15.
In addition to the Dow’s success, the S&P 500 index also experienced a positive trend, gaining 0.9%. Meanwhile, the Nasdaq Composite Index closed up 0.6%. Investors are closely monitoring the possibility of another rate hike from the Federal Reserve in the coming month, especially considering the U.S. economy’s ability to handle higher rates without sliding into a recession.
This week holds several significant events for the market, including the release of Thursday’s July reading of the consumer-price index (CPI) providing an update on inflation. Additionally, investors will be keen on monitoring corporate earnings results throughout the week. Some notable companies announcing their results today include Tyson Foods, KKR, and Paramount Global.
