Wall Street indexes bounce back as investors await inflation data, Fed rate cuts
Federal Reserve's next policy decision next week.
Investors had fled from equities last week when Friday's weaker-than-expected August jobs data followed weak manufacturing data on Tuesday, driving the Nasdaq Composite's biggest weekly loss since January 2022, and the S&P 500's biggest weekly decline since March 2023.
Along with jitters about the U.S. economy's health investors have been contending with uncertainty about the Fed's interest rate decision due Sept. 18. But they arrived at their desks in what looked like more bullish moods on Monday.
«Investors had a little time over the weekend to think about things. Clearly there was an overreaction to economic data last week. It raised overblown fears of a potential recession,» said Kristina Hooper, chief global market strategist at Invesco. «A pause gives you the opportunity to be more rational.»
The Dow Jones Industrial Average rose 484.18 points, or 1.20%, to 40,829.59, the S&P 500 gained 62.63 points, or 1.16%, to 5,471.05 and the Nasdaq Composite gained 193.77 points, or 1.16%, to 16,884.60.
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