July 17, 2024

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Optimism About Interest Rates Contributes To Uptick On Wall Street

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Stocks fluctuated over the course of the trading session on Tuesday before eventually ending the day modestly higher. With the uptick on the day, the Dow reached its best closing level in well over three months.

The major averages finished the day well off their highs of the session but still in positive territory. The Dow crept up 83.51 points or 0.2 percent to 35,416.98, the Nasdaq rose 40.73 points or 0.3 percent to 14,281.76 and the S&P 500 inched up 4.46 points or 0.1 percent to 4,554.89.

Stocks moved to the upside in morning trading on the heels of remarks by Federal Reserve Governor Christopher Waller adding to recent optimism the Fed is done raising interest rates.

Speaking at an American Enterprise Institute event, Waller said he is “increasingly confident that policy is currently well positioned to slow the economy and get inflation back to 2 percent.”

Waller warned that he cannot say for sure whether the Fed has done enough to achieve price stability but expressed hope incoming economic data will help answer that question.

However, the buying interest generated by Waller’s remarks was partly offset by conflicting comments from Fed Governor Michelle W. Bowman.

Bowman said during a Utah Bankers Association and Salt Lake Chamber breakfast that she continues to expect the Fed we will need to increase rates further to keep policy sufficiently restrictive to bring inflation down to 2 percent in a timely way.

Overall trading activity remained subdued, however, with traders reluctant to make significant moves ahead of the release of several key economic reports in the coming days.

On Thursday, the Commerce Department is due to release its report on personal income and spending in the month of October.

The report includes readings on inflation said to be preferred by the Fed and could impact the outlook for interest rates.

The uptick by the Dow was partly due to a strong gain by shares of Boeing (BA), with the aerospace giant jumping by 1.4 percent to its best closing…

2023-11-28 16:09:35

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