Wall Street posts gains as investors eye rate outlook
Wall Street's main indexes posted gains on Monday, with increases in Amazon.com shares and the energy sector, as Treasury yields rose further and investors looked to economic data and Federal Reserve policymakers' remarks later in the week for clarity on the path for interest rates.
Investors are grappling with the rise in benchmark Treasury yields to 16-year highs after the Fed gave a hawkish longer-term rate outlook. The S&P 500 rebounded on Monday after last week it had its biggest weekly drop since March.
There is a «tug of war between investors seemingly getting more concerned about 'higher for longer'… and bulls wondering maybe we have seen the correction and we can start to build from these levels higher,» said Chuck Carlson, chief executive officer at Horizon Investment Services.
The Dow Jones Industrial Average rose 43.04 points, or 0.13%, to 34,006.88; the S&P 500 gained 17.38 points, or 0.40%, at 4,337.44; and the Nasdaq Composite added 59.51 points, or 0.45%, at 13,271.32.
Among S&P 500 sectors, energy led the way, rising 1.3%, while materials gained 0.8%.
