The Dow Jones industrial average added 0.8% to 33,632.00 units; while the S&P 500 index increased 1.2%, to 4,020.32 units; and the Nasdaq Composite Index advanced 2% to 11,361.33 units.
The session marks the calm before the storm in a week packed with high-profile corporate results and days loaded with crucial economic data. This week, Microsoft and Tesla, along with a number of high-impact industrial companies will release their quarterly results.
Investors are almost certain the Federal Reserve will implement a small interest rate hike next week, even as the US central bank remains committed to reining in the most intense inflation cycle in decades.
Financial markets have priced in a 99.8% probability of a 25 basis point hike in the federal funds target rate at the close of the Fed’s two-day policy meeting next Wednesday, according to the FedWatch tool from CME.
The fourth-quarter reporting season accelerated, with 57 of the companies in the S&P 500 posting results. Of those, 63% generated better than expected, according to Refinitiv. Analysts now estimate that fourth-quarter earnings for the S&P 500 Index as a whole will be down 3% year-on-year, nearly double the 1.6% annual drop seen earlier in the year..
Among notable trades on Wall Street, Tesla shares rose 7.8% when CEO Elon Musktook the stand in the fraud trial related to a tweet saying he had support to take the electric car maker public.
Source: Ambito
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