Stock market today: Wall Street gains ahead of busy week of closely-watched economic reports
Stocks closed higher on Wall Street as markets shift their attention from the Federal Reserve to more corporate earnings and economic reports
NEW YORK — Stocks rose broadly on Wall Street Monday as markets shift their attention from the Federal Reserve to more corporate and economic reports.
The gains extended the market's winning streak after it notched its first weekly gain since July. The S&P 500 rose 27.60 points, or 0.6%, to 4,433.31. The benchmark index is still on track to close out August with a loss.
The Dow Jones Industrial Average rose 213.08 points, or 0.6% to 34,559.98 and the Nasdaq composite rose 114.48 points, or 0.8%, to 13,705.13.
Companies are wrapping up their latest round of earnings reports, which have mostly beaten analysts' expectations. Still, overall profits for the S&P 500 have contracted about 4% under the weight of persistent inflation.
Best Buy, Costco and Dollar General are among some of the bigger retailers that will report their results this week.
3M jumped 5.2% following reports that the company had agreed to a $5.5 billion settlement over faulty earplugs, a lower figure than expected. Boston Scientific rose 6% after giving investors an encouraging update on a study for a heart device.
Shares of Hawaiian Electric jumped 44.6% as the utility pushed back against accusations it is responsible for causing the wildfire that devastated the community of Lahaina. The company said power to the lines in the area of the fire had been cut off hours before the blaze began, refuting an allegation in a lawsuit filed last week by Maui County. The shares are still down about 63% over the past three weeks.
Investors have a busy week ahead full of economic reports that could shed more light on whether the
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