While investors wait for U.S. inflation and employment statistics, Wall Street ended higher.
Summary
- 3M rises on reports of potential lawsuit settlement.
- Index closing prices: S&P 500 +0.63%, Nasdaq +0.84%, Dow +0.62%.
Details
- To ensure inflation control, the US central bank may need further interest rate hikes.Investors digesting last Friday's comments from Jerome Powell, the chairman of the FRB, who said that further interest rate hikes may be necessary.- As investors digest comments from Jerome Powell, the chairman of the FRB, from last Friday suggesting that further interest rate hikes may be necessary, all three major stock indices rose.
- The focus going forward will be on Thursday.- Thursdayis the inflation index recommended by the FRB, which will be announced on Friday.personal consumption expenditure price indexreport related toFridayscheduled to be announced onNon-farm payroll employmentwill shift to
- S&P 500 $S&P 500 Index (.SPX.US)$ The index etf rose 0.63% and closed at 4433.31 points. Nasdaq $Nasdaq (NDAQ.US)$ The nasdaq rose 0.84% to 13,705.13 points, and the dow inc 30 average rose 0.62% to 34,559.98 points.
Comments from analysts
- Mr. Ross Mayfield stated, "The fact that Mr. Powell did not come out and make hawkish remarks or anything that would particularly unsettle the market, proves that even if he is not a completely dovish person, this day has proven to be slightly risk-on."
- Nvidia rose 1.78% and became the most traded stock in the S&P 500, with $31 billion worth of chipmaker stocks being exchanged. $NVIDIA (NVDA.US)$
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