Stock market today: Wall Street recovers some losses after falling 10% below its summertime high
Wall Street clawed back some of its sharp recent losses to start a week that could see more big swings in financial markets
NEW YORK — Wall Street clawed back some of its sharp recent losses Monday, ahead of a week that could se e more big swings in financial markets.
Investors are looking forward to key reports on consumer confidence and the U.S. job market. The Federal Reserve announces its next move on interest rates Wednesday.
The S&P 500 rose 49.45 points, or 1.2%, to close at 4,166.82. It was the first trading after the benchmark index dropped more than 10% below its high point for the year.
The Dow Jones Industrial Average rose 511.37, or 1.6%, to 32,928.96 points. The Nasdaq composite rose 146.47, or 1.2%, to 12,789.48.
Western Digital was the best performer in the tech sector after it reported better results for the latest quarter than analysts expected. The maker of data storage products also announced plans to split its company into two, one focused on traditional disk drives, the other on flash memory. Its stock jumped 7.3%.
McDonald’s reported stronger profit and revenue for the summer than analysts expected. Its stock rose 1.7% after it said it benefited from higher prices for its products in the United States and raised its dividend.
More than 3 out of 4 companies in the S&P 500 have been reporting stronger profit for the latest quarter than Wall Street expected, according to FactSet. With roughly half the reports in, S&P 500 companies appear on track to deliver profit growth for the first time in a year.
“It looks like its coming in as the market had hoped, that we're past the worst of it,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.
The results have also been good
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