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Stock market today: S&P 500, Nasdaq notch longest win streaks of 2024 as August turnaround continues

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Investors are counting down to a speech by Jerome Powell at Jackson Hole that could reset rate-cut expectations.

US stocks closed at session highs on Monday after posting their best week in a year as the markets continued to rally in a sharp turnaround from their early August sell-off. The S&P 500 rose nearly 1%. The Dow Jones Industrial Average also gained 0.6%, while the tech-heavy Nasdaq Composite increased roughly more than 1.4%.

Last week's rally recouped the losses stacked up in an early August sell-off as Wall Street fretted about cracks in the economy — concerns that have since been eased by encouraging inflation and consumer spending data. Focus is already turning to Fed Chair Jerome Powell's speech at the central bank's Jackson Hole symposium on Friday in a quiet week for economic data.

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