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Stocks Move Higher For Fourth Straight Session Ahead Of Key Inflation Information, Dow Rises 200 Points

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Stocks increased on Monday as Wall Street’s solace rally continued ahead of a crucial inflation report, helped by a weaker dollar and growing assurance that higher prices have peaked.

To finish at 32,381.34, the Dow Jones Industrial Average rose 229.63 points or 0.71%. S&P 500 gained 1.06% and ended the day at 4,110.41. At the end of the session, the Nasdaq Composite rose 1.27% to close at 12,266.41.

The energy was the leading industry, but the rally was widespread, with tech giant Apple adding 3.85% and Bristol-Myers Squibb gaining 3.14%.

As all three major averages ended a three-week losing streak on Friday, the moves prolonged the recovery for American stocks.

In anticipation of the Federal Reserve’s meeting on September 20–21, where it is anticipated to announce its third consecutive 0.75 percentage point rate hike to combat high inflation, stocks have been volatile. Fed officials have reaffirmed in recent weeks that they will continue raising rates to combat inflation, even if doing so slows down the economy.

However, a few recent events, such as a declining US dollar and a military victory by Ukraine, seem to be boosting investor confidence. The August consumer price index report, which is due out on Tuesday morning, has many traders feeling upbeat as well.

“The combination of the somewhat surprising successes in Ukraine, and the possibility of a very favorable inflation headline that maybe even shows a decline for last month, may put us into a situation where we have a continued rally here,” said Phillip Toews, CEO of Toews Asset Management. “And at that point the main threat in the short term and in the medium term will be whether earnings continue to deteriorate.”

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