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NEW YORK, Sept 12 (Reuters) – Wall Street soared to a two-week high on Monday as investors awaited crucial inflation data, showing few setbacks to derail a three-day winning streak.
All three major U.S. stock indexes were poised to record their fourth straight session of gains in a broad rally that featured growth (.IGX) and value (.IVX) stocks equally.
“To my knowledge, there are no real reasons today,” said Peter Touse, president of Chase Investment Advisors in Charlottesville, Virginia. “I thought the market would be flat because there was so much riding on the CPI.”
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The Labor Department’s consumer price index (CPI), expected before Tuesday’s opening bell, is this week’s key event, and will be scrutinized for any clues about the length and weight of the Federal Reserve’s policy tightening phase.
On Thursday, Fed Chairman Jerome Powell assured that the central bank remains “firmly committed” to tackling decades of high inflation and will “keep doing it until the job is done”. Read more
Economists polled by Reuters expected monthly CPI to fall 0.1% in August, down from a year earlier to 8.1%, mainly due to a recent slowdown in commodity prices. Read more
Financial markets now see a 92% probability that the Federal Open Market Committee (FOMC) will implement a third straight 75-basis-point interest rate hike at the conclusion of next week’s policy meeting, according to CME’s FedWatch tool.
“(The market has) received a 75 basis-point (interest) rate hike,” Tuz added. “It would take a big, big event to swing that up or down.”
The Dow Jones Industrial Average (.DJI) added 212.19 points, or 0.66%, to 32,363.9, the S & P 500 (.SPX) added 39.58 points, or 0.97%, to 4,106.94 and the Nasdaq Composite (.37.4). 1.14%, to 12,249.80.
All 11 major S&P 500 sectors were in the green, with tech (.SPLRCT) posting the biggest percentage gain, followed by energy companies (.SPNY).
Economic Value Transportation (DJT) outperformed the market.
Shares of Apple Inc ( AAPL.O ), a loser this year, fell 4.2% after the gadget maker unveiled updates to its iPhone and Apple Watch. Read more
Drugmaker Bristol-Myers Squibb ( BMY.N ) rose 4.9 percent in late Friday trading following the Food and Drug Administration’s approval of a psoriasis drug.
Rival Amgen Inc ( AMGN.O ), the maker of the psoriasis drug Otezla, fell 3.6 percent.
Twitter Inc slipped 2.0% after scrapping a deal with Tesla Inc ( TSLA.O ) chief Elon Musk to acquire the social media platform. Read more
KFC and Pizza Hut operator Yum Brands Inc ( YUM.N ) rose 1.0% following the announcement of a $2 billion share buyback.
Auto sales platform Carvana Co. ( CVNA.N ) rose 13.1% after Piper Sandler upgraded its stock to “overweight.”
Advancing issues outnumbered declining ones on the NYSE by a 3.73-to-1 ratio. On the Nasdaq, it outperformed by a 1.93-to-1 ratio.
S&P 500 posts 11 new 52-week highs and no new lows; The Nasdaq Composite hit 33 new highs and 52 new lows.
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Editing by Matthew Lewis, reporting by Stephen Culp in New York
Our Standards: The Thomson Reuters Trust Principles.
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