Stock market today: Wall Street holds steady following its best week of the year

📆 2024-08-19 16:20:00
📰 AP

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U.S. stocks are holding steady as Wall Street’s roller coaster of a summer levels out a bit. The S&P 500 was 0.2% higher in early Monday trading, coming off its best week of the year. The Dow Jones Industrial Average rose 125 points, and the Nasdaq composite added 0.1%.

Currency traders work near a screen showing the Korea Composite Stock Price Index , top left, and the foreign exchange rate between the U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Aug. 19, 2024. Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Aug. 19, 2024.

Trading was relatively quiet elsewhere, including in the bond market. Treasury yields were holding firm ahead of what’s likely to be financial markets’ main event for the week: a speech on Friday byHigh interest rates have dimmed the solar sector. Will coming cuts put a shine on their stocks?The setting for the speech in Jackson Hole, Wyoming, has been home to some big policy announcements by the Fed in the past.

But an ensuing assurance from the Bank of Japan on interest rates there has helped calm the market. Several recent reports on the U.S. economy have also come in stronger than expected, covering everything from More action will likely come from earnings reports as the reporting season for the spring winds down. Most companies have turned in better profits for the latest quarter than analysts expected, as is usually the case.

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Stock market today: Asian stocks track Wall Street gains ahead of central bank meetingsAsian stocks started the week with gains ahead of central bank policy meetings in the United States and Japan, after a broad rally on Wall Street that capped a tumultuous week. Japan's Nikkei 225 index jumped 2.1%. U.S. futures and oil prices rose. On Friday, the S&P 500 rose 1.1% for its best day in seven weeks.
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