US stocks rise as investors try to shake off the August slide ahead of retail data



  • US stocks closed higher as traders try to revitalize a rally that stalled in August.

  • The Nasdaq Composite Index rose more than 1% after losing consecutive weeks for the first time in 2023.

  • Investors will be watching retail sales data from July through Tuesday, as well as key earnings results later in the week.

US stocks closed higher on Monday, with investors looking to shake off the August slump ahead of a week of big retail indices.

The Dow Jones Industrial Average is emerging from its fourth positive week out of the past five, while the Nasdaq and the S&P 500 both finished lower in the last five extended days.

The Nasdaq Composite Index was the biggest gainer in Monday’s session, rising more than 1% after last Friday ending its first consecutive losing weeks in 2023.

Meanwhile, Savita Subramanian, a strategist at Bank of America, said on Monday that investors should take offense, not defense, for now, as stocks appear poised to enter the early cycle of expansion.

With the odds of a soft landing rising, she did a job An upward promotion of the cyclical sector for the riskiest consumer.

“[BofA’s] The revised forecast is based on further evidence of continued resilience in the US economy, including positive revisions to GDP, strong business spending, and a rebound in the labor supply.

Investors will be watching key retail sales data to be released on Tuesday, as well as earnings from retailers later in the week including Walmart, Home Depot and Target.

This is where US indices stood as the market closed at 4:00 PM on Monday:

Here’s what else happens:

In commodities, bonds and cryptocurrencies:

Read the original article at Business interested

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