Wall Street rallied Monday, kicking off what promises to be a hectic week that includes a heavy earnings docket, economic data and the Federal Reserve's two-day monetary policy meeting.
All three major U.S. stock indexes closed up more than 1%, bouncing back from the previous week's sell-off. Interest rate sensitive megacap stocks provided the most upside muscle.
Analysts now expect, on aggregate, annual third quarter S&P 500 earnings growth of 4.3%, a marked improvement over the 1.6% year-on-year growth seen at the beginning of October. On Tuesday, the Federal Open Markets Committee is expected to convene for a two-day monetary policy meeting, which is expected to culminate in a decision to let the Fed funds target rate stand at 5.25%-5.50%.
The Bank of England and the Bank of Japan would also be announcing rate decisions this week, with the latter set to consider a further adjustment to its yield curve control framework, according to a Nikkei report. According to preliminary data, the S&P 500 gained 49.19 points, or 1.19%, to end at 4,166.56 points, while the Nasdaq Composite gained 143.74 points, or 1.14%, to 12,786.75. The Dow Jones Industrial Average rose 512.02 points, or 1.58%, to 32,927.51.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Today in History: October 29, “Black Tuesday” on Wall Street sets off panic, starts Great DepressionToday in History Today is Sunday, Oct. 29, the 302nd day of 2023.
Read more »
Top Wall Street analysts remain optimistic about these five stocksTipRanks’ analyst ranking service pinpoints Wall Street’s best-performing stocks, including Netflix and Nvidia.
Read more »
Top Wall Street analysts remain optimistic about these five stocksTipRanks’ analyst ranking service pinpoints Wall Street’s best-performing stocks, including Netflix and Nvidia.
Read more »
Shares of On Semiconductor fall 20% as fourth-quarter guidance disappoints Wall StreetON Semiconductor shares fell after the company offered weaker-than-expected guidance
Read more »
Could Tory Burch Be Eyeing Wall Street and an IPO?The fashion brand is said to be looking at the path forward with the investment bank.
Read more »
Shares of ON Semiconductor fall 21% as fourth-quarter guidance disappoints Wall StreetON Semiconductor shares fell after the company offered weaker-than-expected guidance.
Read more »