A rally for big tech stocks on Monday helped Wall Street claw back about half its loss from last week.The Dow Jones Industrial Average gained 87.13 points, or 0.3%, to 34,663.72, and the Nasdaq composite climbed 156.37, or 1.1%, to 13,917.89.
This forthcoming week will offer a huge data point for the Federal Reserve, which is weighing whether to keep raising interest rates in its effort to get inflation back to 2%. 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.
High growth for wages in the health care industry could be pushing upward on inflation there, they say. Most traders expect the Federal Reserve to leave rates where they are at its meeting next week, according to data from CME Group. But many are bracing for another possible hike by the end of this year, while paring expectations for cuts to rates next year.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: businessposthq - 🏆 8. / 71 Read more »