Stock market today: Wall Street drifts up to more records ahead of this week's Fed meeting

NEW YORK — U.S. stocks drifted to a slightly higher close ahead of a week with several top-tier reports on inflation due, as well as the Federal Reserve’s latest meeting on interest rates. The S&P 500 rose 0.3% Monday, topping the record it set last week. The Dow Jones Industrial Average rose 0.2%, and the Nasdaq composite ticked up 0.3%, also a setting an all-time high. Energy stocks rose as oil prices regained some of their sharp losses.

Diamond Offshore Drilling jumped 10.6% after Noble agreed to buy its rival in a cash-and-stock deal valued at roughly $1.6 billion. Noble added 6.2% in a signal that traders expect the combination to be a winner. Other stocks of energy producers also climbed as the price of crude oil recovered some of its sharp losses since the spring.

Data on the economy have come in mixed recently, and traders are hoping they will ultimately show a slowdown that stops short of a recession and is just right in magnitude. A cooldown would put less upward pressure on inflation, which could encourage the Federal Reserve to cut its main interest rate from its most punishing level in more than two decades.

In the meantime, companies benefiting from the AI boom are continuing to report big growth almost regardless of what the economy and interest rates are doing. At the end of the week will come a report showing how much inflation U.S. households are girding for in the future. The Federal Reserve closely watches the measure, hoping to avoid a vicious cycle where expectations for high inflation lead to behavior that causes even worse inflation.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Asian stocks drift after Wall Street closes another winning weekHONG KONG (AP) — Asian stocks were mostly lower on Monday after Wall Street coasted to the close of another winning week. U.S. futures were mixed and oil...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Nasdaq, S&P 500 turn higher ahead of huge week on Wall StreetInvestors are looking ahead to the Fed's policy decision and key inflation data later in the week as they scale back rate-cut bets.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: US stocks edge lower ahead of huge week on Wall StreetInvestors are looking ahead to the Fed's policy decision and key inflation data later in the week as they scale back rate-cut bets.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: US futures stay put ahead of huge week on Wall StreetInvestors are looking ahead to the Fed's policy decision and key inflation data later in the week as they scale back rate-cut bets.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Wall Street edges higher ahead of services sector dataNEW YORK (AP) — U.S. stocks are ticking higher ahead of the latest data that could show how much the economy is slowing. The S&P 500 was up 0.4% in early trading Wednesday.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street slips ahead of job market dataNEW YORK (AP) — U.S. stocks drifted lower as investors await a trove of labor market data this week. The S&P 500 fell 0.2% in early trading Tuesday. The Dow Jones Industrial Average fell 148 points, and the Nasdaq slipped 0.1%.
Source: SooToday - 🏆 8. / 85 Read more »