Stock market today: Wall Street rises following updates on consumer confidence, job openings

abcnews.go.com:

Stocks closed higher on Wall Street as two economic reports suggested the economy is cooling enough for the Federal Reserve to pause hiking interest rates

Technology companies led a broad stock market rally Tuesday after two economic reports raised hopes on Wall Street that the economy is cooling enough for the Federal Reserve to pause hiking interest rates.

The S&P 500 rose 1.5%, its third straight gain and biggest since early June. The Dow Jones Industrial Average rose 292 points and the Nasdaq composite finished 1.7% higher.

Big tech stocks powered much of the rally. Apple rose 2.2% and Nvidia climbed 4.2%. Advancers outnumbered decliners by 4 to 1 on the New York Stock Exchange. Bond yields fell broadly. Markets in Europe and Asia also rose.

The latest gains came as investors reviewed reports on consumer confidence and the labor market. The Conference Board, a business research group, reported that consumer confidence tumbled in August, surprising economists that were expecting levels to hold steady around the strong July reading. Consumer confidence and spending have been closely-watched amid persistent pressure from inflation.

Also on Tuesday, the government reported that job openings fell to the lowest level since March 2021, a larger drop than economists expected. The report also showed that the number of Americans quitting their jobs fell sharply for the second straight month, clear signs that the labor market is cooling in a way that could reduce inflation.

A strong job market has been credited as a bulwark against a recession, but it has made the Fed's mission to tame inflation more difficult. The latest data will likely be welcomed by the central bank, because fewer job openings and less quitting reduces