Stocks Climb as Corporate Reports Roll In

S&P 500's one-day rise won't erase month's trend
By Newser Editors and Wire Services
Posted Aug 28, 2023 3:50 PM CDT
Stocks Climb as Corporate Reports Roll In
The logo for 3M appears on a screen above the trading floor of the New York Stock Exchange in October 2017. Shares jumped more than 5% on settlement news.   (AP Photo/Richard Drew, File)

Stocks rose broadly Monday on Wall Street as markets shift their attention from the Federal Reserve to more corporate and economic reports. The gains extended the broader market's winning streak after it notched its first weekly gain since July, the AP reports.

  • The Dow rose 213.08 points, or 0.6%, to 34,559.98.
  • The S&P 500 rose 27.60 points, or 0.6%, to 4,433.31. The benchmark index is still on track to close out August with a loss.
  • The Nasdaq rose 114.48 points, or 0.8%, to 13,705.13.

Wall Street is wrapping up its latest round of earnings reports, which have mostly beaten analysts' expectations. Still, overall profits for the S&P 500 have contracted about 4% under the weight of persistent inflation. Best Buy, Costco, and Dollar General are among the bigger retailers that will report results this week. 3M jumped 5.2% following reports that the company had agreed to a $5.5 billion settlement over faulty earplugs, a lower figure than expected. Boston Scientific rose 6% after giving investors an encouraging update on a study for a heart device. Shares of Hawaiian Electric jumped 44.6% as the utility pushed back against accusations it is responsible for the wildfire that devastated Lahaina. The company said power to the lines in the area of the fire had been cut off hours before the blaze began, rebutting an allegation in a lawsuit filed by Maui County. Shares are still down about 63% over the past three weeks.

Investors have a busy week ahead full of economic reports that could shed more light on the employment market and whether inflation is still cooling. The data could provide more clues about whether the Fed is likely to hold interest rates steady or raise them again before the year closes. Wall Street will get an update Tuesday on consumer confidence, which jumped sharply in July and is expected to remain strong in August. The government will issue its July report on job openings on Tuesday and its broader jobs report for August on Friday. Investors and economists will be focusing closely on the government's latest inflation update on Thursday.

(More stock market stories.)

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