Wall Street closed higher as traders made their final moves in anticipation of a report that could show whether inflation is cooling in the right way or setting the market up for worse pain.
The S&P 500 rose 1.1% Monday. A report on Tuesday will show how bad inflation was at the consumer level in January. Economists expect a slowdown, and better-than-expected trends could reignite hopes that the Federal Reserve may be able to take it easier on interest rates. Treasury yields held relatively steady after jumping last week on rising expectations for the Fed to stay firm on rates.
On Monday:
The S&P 500 rose 46.83 points, or 1.1%, to 4,137.29.
The Dow Jones Industrial Average rose 376.66 points, or 1.1%, to 34,245.93.
The Nasdaq composite rose 173.67 points, or 1.5%, to 11,891.79.
The Russell 2000 index of smaller companies rose 22.33 points, or 1.2%, to 1,941.14.
For the year:
The S&P 500 is up 297.79 points, or 7.8%.
The Dow is up 1,098.68 points, or 3.3%.
The Nasdaq is up 1,425.31 points, or 13.6%.
The Russell 2000 is up 179.90 points, or 10.2%.
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