NEW YORK — Stocks rose ahead of a busy week for central banks around the world that could dictate where interest rates go next. The S&P 500 addded 0.6% Monday, coming off its first back-to-back weekly losses since October. It pulled close to its all-time high set early last week. The Dow Jones Industrial Average rose 0.2%, and the Nasdaq composite climbed 0.8%. Big technology stocks led the way once again.
The highlight for Wall Street this week will likely be the Federal Reserve’s meeting on interest rates, which ends on Wednesday. The widespread expectation is for the central bank to hold its main interest rate steady at its highest level since 2001. Such a move would be a sore disappointment for Wall Street, where stock prices have already run up partly on expectations for lower rates. Treasury yields in the bond market have also eased since last autumn on such expectations, though they’ve pared those losses on worries about stubbornly high inflation.
Across the Atlantic, the Bank of England will announce its latest decision on rates later in the week. A frenzy around AI technology on Wall Street has sent the stocks of Nvidia and other players zooming so high that critics call it a bubble. Nvidia has grown into the U.S. stock market’s third-largest stock.
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