U.S. stocks rose Monday for the fourth consecutive trading day as investors’ inflation concerns continue to cool, helping to reverse a three-week slump.
The Dow Jones Industrial Average rose 231.47 points, or 0.72%, to close at 32,383.18. The S&P 500 rose 43.33 points, or 1.07%, to 4,110.69, and the Nasdaq Composite was up 154.10 points, or 1.27%, to 12,266.41.
A weaker dollar also helped fuel the upturn, which was widespread across industries ahead of the Federal Reserve meeting on Sept. 20-21. Wall Street analysts expect the Fed to hike interest rates 0.75% for the third consecutive time in an effort to stifle inflation.
“We see the relief in equity prices and the recent broad dollar correction continue into the week, as markets eye short-term peak central bank hawkishness and positioning is relatively defensive,” Citi strategist Ebrahim Rahbari said in a note to clients.