Stocks rose on Tuesday, picking up momentum throughout the day as new data showed signs of cooling in the labor market ahead of Friday’s August jobs report.
The S&P 500 (^GSPC) rose about 1.45% and the Dow Jones Industrial Average (^DJI) added 0.85% after US job openings fell below 9 million for the first time since March 2021 and consumer confidence reversed its summer gains. The Nasdaq Composite (^IXIC) led gains, rising about 1.75%.
Tuesday marked the best single-day performance for the S&P 500 since May 5.
Earlier Tuesday, the S&P Case-Shiller US National Composite home price index increased by 0.7% in June compared with May on a seasonally adjusted basis. That was in line with the 0.7% increase the month before. The index remains just 0.02% off its all-time peak exactly a year ago.
The economic updates are an appetizer for the key PCE inflation and August payrolls reports due Thursday and Friday.
With the question of recession still front of mind for investors, the robustness of that data could sway investors’ expectations for more interest-rate rises from the Federal Reserve. The cautious tone of Fed Chair Jerome Powell’s speech at Jackson Hole last week has left some unconvinced policymakers won’t take more action to cool inflation.
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