Stock market today (August 20, 2024): Wall Street climbs to push its winning streak to 8 days, longest of the year

NEW YORK — US stocks climbed Monday as Wall Street pulls closer to its record heights following its roller coaster of a summer.

They helped offset a 4.8% drop for Guess? Inc., which said its chief financial officer is stepping down to pursue another opportunity. The apparel and accessories company said it’s begun a search for its next CFO and appointed an interim. The setting for the speech in Jackson Hole, Wyoming, has been home to some big policy announcements by the Fed in the past. Expectations aren’t that high this time around, with nearly everyone already expecting the Fed will begin cutting interest rates next month.

But an ensuing assurance from the Bank of Japan on interest rates there has helped calm the market. Several recent reports on the U.S. economy have also come in stronger than expected, covering everything from inflation to sales at U.S. retailers, which bolstered optimism. With more than 90% of companies in the S&P 500 having already turned in their reports, they’re on track to deliver growth of nearly 11% in earnings per share from a year earlier, according to FactSet. That would be the best growth since the end of 2021.

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