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.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today (August 2, 2024): Worries about the economy hit Wall Street, and the Dow drops nearly 500 pointsNEW YORK — Just a day after rallying on hopes that the Federal Reserve is about to cut interest rates, U.S. stocks tumbled Thursday after weak data raised worries the Fed may have missed its window to do so before undercutting the economy’s growth. The S&P 500 sank 1.
Source: BusinessMirror - 🏆 19. / 59 Read more »

Calm returns to Wall Street; stocks bounce back after their worst drop in nearly 2 yearsNEW YORK—A rising tide swept stocks higher, and calm returned to Wall Street after Japan’s market soared earlier Tuesday to claw back much of the losses from its worst day since 1987. The S&P 500 climbed 1 percent to break a brutal three-day losing streak.
Source: BusinessMirror - 🏆 19. / 59 Read more »