NEW YORK — Stocks closed higher on Wall Street as markets shift their attention from the Federal Reserve to more corporate earnings and economic reports. The S&P 500 added 0.6% Monday. Last week the index had its first winning week since July. The Dow rose 213 points, or 0.6%, and the Nasdaq composite climbed 0.8%. This week markets will get earnings updates from Best Buy and Costco as well as several key reports on the job market, including the government’s monthly jobs report on Friday.
3M jumped 5% following reports that the company had agreed to a $5.5 billion settlement over faulty earplugs, a lower figure than expected. Boston Scientific rose 5.5% after giving investors an encouraging update on a study for a heart device. Wall Street will get an update Tuesday on consumer confidence, which jumped sharply in July and is expected to remain strong in August.
Investors closed last week relieved that Fed Chair Jerome Powell said the central bank would “proceed carefully” on interest rates. Wall Street is betting that the Fed will hold rates steady again at its September meeting, according to CME’s FedWatch tool. Bets are nearly evenly split, though, on whether it will raise rates one more time before 2023 closes.
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