Stocks are looking to maintain momentum in the holiday-shortened week ahead even as Wall Street contends with a seasonally weak period for markets ahead of the Federal Reserve's September rate decision. The major averages are headed for their best week since July. The Nasdaq Composite advanced more than 3% this week as risk-on sentiment returned to Wall Street. Meanwhile, the Dow Jones Industrial Average is higher by more than 1%, while the S & P 500 is up more than 2%.
Meanwhile, the personal consumption expenditures price index, which is the Fed's preferred inflation measure, is due out Sept. 29. "When all is said and done it will be the trajectory of inflation that will ultimately form the Fed's rate decision — inflation remains sticky," wrote Quincy Krosby, chief global strategist at LPL Financial. Bullish signals in historically weak month September is also considered historically the weakest month for equities.
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