S&P 500, Dow kick off week higher; U.S. inflation in focus

and the Dow climbed higher on Monday following a choppy week, with investors looking ahead to a highly awaited U.S. inflation report due later in the week that could test the market's sharp recovery this year.

U.S. stocks have sharply rallied in 2023, with the benchmark S&P 500 clocking 17% gains year to date, fueled by optimism around artificial intelligence and hopes of a soft landing for the world's largest economy. "In the last month's report, we saw the monthly print for CPI finally break into the downside with weaknesses seen in some parts of the goods market," said Charlie Ripley, senior investment strategist for Allianz Investment Management.

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