NEW YORK, Aug 28 - Wall Street headed higher and crude prices advanced on Monday, at the outset of a week likely to be light in volume but heavy with economic data, which could affect whether the Federal Reserve will take a rate-hike breather in September.
"We're in a news lull until we get back into earnings season and there's more action and discussion coming from the Fed," Carlson added. Ahead of the upcoming Labor Day weekend, a barrage of high profile economic data, including the August employment report, PCE inflation, ISM PMI and the Commerce Department's second take on April-June GDP, all of which could provide insight regarding the Fed's next policy move.
European stocks enjoyed their best day in a month, advancing 0.9% under the power of China-related tech shares. Oil prices eased back from earlier gains driven by Beijing's steps to jumpstart its flagging economy due to worries that additional tightening from the Fed could be in the cards.U.S. crude rose 0.34% to settle at $80.10 per barrel, while Brent settled at $84.42, down 0.07% on the day.