NEW YORK — Stocks closed higher, tacking on some more gains following Wall Street’s best week of the year. The S&P 500 rose 1% Monday, coming within 1.1% of the all-time high it reached last month. The Dow Jones Industrial Average rose 0.6%, and the Nasdaq composite added 1.4%. Treasury yields eased a bit ahead of a speech on Friday from Federal Reserve Chair Jerome Powell, which will likely be the highlight of the week.
That helped offset a 3.7% 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. That would be the first such cut since the Fed began hiking rates drastically in early 2022, hoping to slow the economy by enough to stifle inflation but not so much that it causes a recession. With inflation slowing from its peak above 9% two summers ago, Fed officials have already hinted cuts to rates are coming. The biggest question is whether the economy just needs the Federal Reserve to remove the brakes or if it needs more acceleration and deeper cuts.
This upcoming week doesn't have as many economic reports on the schedule. A preliminary report on U.S. business activity day could be the highlight of the week, arriving on Thursday. Retailers dominate the tail end of earnings season, and Lowe’s, Ross Stores, Target and TJX will be among those in the spotlight this week.
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