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U.S stocks rally for second day ahead of U.S. midterms - BNN Bloomberg

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U.S. shares rose in a broad-based rally that swept up small caps as well as blue-chip stocks, ahead of midterm elections and inflation data later this week.

The S&P 500 closed near session highs, with all but three of the 11 industry groups advancing. The tech-heavy Nasdaq 100 also caught bids, while the Dow Jones Industrial Average outperformed, rising as much as 1.5 per cent with health-care names topping the leaderboard. The Russell 2000 rallied, reversing losses in afternoon trading.

Optimism, for the moment, is outweighing concerns over the Federal Reserve’s resolute campaign against price surges, signs of stress in US corporate performance and China’s announcement it will “unswervingly” adhere to current COVID Zero policy. Stocks rose on Friday after data showed strong hiring and wage increases along with higher unemployment. That offered a mixed picture for Fed officials debating how long to extend their campaign to curb elevated inflation.

 

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