US: Stocks extend upswing ahead of inflation data
WALL Street stocks extended a buoyant stretch on Monday, rallying ahead of key economic data and central bank decisions.
Markets are focused on Tuesday’s consumer price index report, which will likely influence whether the Federal Reserve follows expectations and skips an interest rate increase after more than a year of hikes.
“The bull market rally looks like it doesn’t want to stop, which means Wall Street appears confident that the Fed will not be delivering its 11th straight rate hike this week,” said Oanda’s Edward Moya.
The Dow Jones Industrial Average finished up 0.6 per cent at 34,066.33.
The broad-based S&P 500 advanced 0.9 per cent to 4,339.00, while the tech-rich Nasdaq Composite Index jumped 1.5 per cent to 13,461.92.
Besides the May CPI report and the Fed meeting, this week’s calendar includes US retail sales data, as well as meetings of the European Central Bank and the Bank of Japan.
Large gainers in the Nasdaq included Airbnb, up 5.7 per cent, Adobe, up 4.5 per cent and Intel, up 5.5 per cent.
Among individual companies, Nasdaq Inc. slumped 11.8 per cent after announcing a US$10.5 billion acquisition of Adenza, a software company focused on risk management and compliance.
Carnival jumped 12.5 per cent as it received upgrades from leading Wall Street investment banks that see the cruise company as a beneficiary from increased travel spending. AFP
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