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.
Some of the tech stocks that rose included Apple (AAPL), which closed at $163.43, up $6.06, or 3.85%. Uber‘s (UBER) share price rose $0.73, or 2.3%, to close at $32.51.
“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.