Stock market today: Wall Street gains ground at the start of a holiday-shortened week
Wall Street is gaining ground to begin a holiday-shortened week, hanging near its highest level in three months
NEW YORK — Wall Street is gaining ground Monday to begin a holiday-shortened week, hanging near its highest level in three months.
The S&P 500 was 0.7% higher in afternoon trading, coming off its third straight winning week. The Dow Jones Industrial Average was up 182 points, or 0.5%, as of 1:27 p.m. Eastern time, and the Nasdaq composite was 1.1% higher.
In the latest twist that captivated Wall Street over the weekend, Microsoft was up 2.3% after it said it’s bringing on Sam Altman for a new venture following his sudden dismissal as CEO of OpenAI, the maker of ChatGPT. Microsoft said it will also continue its partnership with OpenAI, as fervor around artificial-intelligence technology and the huge profits it’s expected to create continue to dominate Wall Street.
Kohl’s fell 1.4% after the retailer said that Dave Alves left as its president and chief operating officer, less than nine months after naming him to the post.
This upcoming week is relatively light on reports that could sway Wall Street’s hopes that inflation is cooling enough for the Federal Reserve to finally be done with its market-crunching hikes to interest rates. Such hopes sent stocks jumping last week and pushed traders to move up their expectations for when the Fed could begin cutting interest rates.
Despite Fed officials saying they may keep rates high for a while to ensure high inflation is definitively beaten, traders are thinking the first cut to rates could happen by early summer. Such a move could act like steroids for financial markets and offer oxygen across the financial system.
The Thanksgiving holiday means the U.S. government will
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