That’s leading markets to hope that the Federal Reserve can soon ease up on its campaign to slow down the economy by raising interest rates. The S&P 500 was up 0.4% in the early going. The index is coming off its first monthly loss since February. The Dow rose 144 points, or 0.4%, and the Nasdaq composite was up 0.2%. The yield on the two-year Treasury note eased back to 4.81%.Wall Street followed global markets higher Friday with strong U.S. jobs data boosting shares.
The central bank has raised its main interest rate aggressively since 2022 to the highest level since 2001. The goal has been to rein inflation back to the Fed’s target of 2%. The Fed has maintained that it is ready to keep raising interest rates if it has to, but will base its next moves on the latest economic data.
Oil prices climbed again as production cuts by major producers continue to prop up the market. Benchmark U.S. crude rose 96 cents to $84.59 a barrel. Brent crude, the international standard, added $1 to $87.83 a barrel. U.S crude is up 6% this week.Earlier this month, Saudi Arabia said it would extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices.
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