NEW YORK -The S&P 500 was 0.3% higher in midday trading, coming off its first losing week in the last three. The Dow Jones Industrial Average was up 47 points, or 0.1%, at 34,624, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.5% higher.Like last week, some big technology-oriented stocks were leading the way. Tesla jumped 7.1%, Amazon climbed 2.2% and Meta Platforms rose 1.9%.
The Fed has already hiked its main interest rate to the highest level in more than two decades, and it has said it will make upcoming moves based on how inflation and other parts of the economy perform. Inflation has come down from last year's peak above 9%, but economists warn the last bit of improvement to get to the Fed's target could be the most difficult to achieve.
A separate report on Thursday will also show how much U.S. households spent at retailers last month. Strong spending there recently has helped the economy to avoid a long-predicted recession. But it also could be encouraging companies to keep trying to raise prices, pushing upward on inflation. On Wall Street, Apple swung from an early gain of more than 1% to a loss of 0.2% ahead of a Tuesday event where it's expected to release its latest iPhone model. How Apple performs has great consequences for the market because it's the most valuable stock on Wall Street. That means its movements pack more weight on the S&P 500 and other indexes than any other stock.
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