© Archyde.com. Traders work at the New York Stock Exchange on September 9, 2022. Photo: Brendan McDermid/Archyde.com.
NEW YORK (Archyde.com) – Wall Street closed higher on Monday, extending a string of gains, as investors awaited inflation data that might provide clues regarding the duration and intensity of the US Federal Reserve’s monetary tightening policy.
Energy and technology stocks helped the three major US stock indices touch their highest levels in two weeks and record the fourth consecutive session of gains.
The US CPI, which is due to be released by the US Department of Labor before the start of the trading session on Tuesday, is the main event this week and will be scrutinized for signs regarding the number and size of future interest rate increases from the US central bank.
Federal Reserve Chairman Jerome Powell stressed Thursday that the central bank remains “strongly committed” to addressing the highest rate of inflation in decades.
Financial markets are now calculating a 92 percent probability that the Federal Reserve’s monetary policy-making committee will decide on a third consecutive increase in interest rates by 75 basis points at the conclusion of its meeting next week.
According to preliminary data, the benchmark Standard & Poor’s 500 index ended the trading session, up 43.80 points, or 1.08 percent, to 4,111.16 points, while the Nasdaq Composite Index rose 155.48 points, or 1.28 percent, to close at 12,267.78 points.
The industrial index rose 235.39 points, or 0.73 percent, to 32,387.10 points.
(Prepared by Wagdy Al-Alfi for the Arabic Bulletin)
