Wall Street stocks rebounded on Monday, shrugging off concerns about the Federal Reserve’s “higher for longer” interest rate strategy.
By the closing bell, the S&P 500 (^GSPC) had risen by 0.4%, while the Dow Jones Industrial Average (^DJI) saw a more modest gain of 0.1%. The Nasdaq Composite (^IXIC) was up 0.5%. The 10-year Treasury yield (^TNX) reached its highest levels since 2007, closing above 4.5%.
Investors are now preparing for the release of the PCE inflation data on Friday, which will provide further insight into the Fed’s rate trajectory.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
Meanwhile, as the deadline to avert a government shutdown approaches, investors are beginning to assess the potential impact on the economy, as there is little progress on a budget agreement among lawmakers. A report on second quarter GDP is scheduled for Thursday.
The tentative deal reached on Sunday to end the Hollywood writers strike had an effect on media stocks, although optimism remains limited…
2023-09-25 15:06:12
Article from finance.yahoo.com
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