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Stock market today: S&P 500 hits 8-day win streak as investors focus on Fed conference
By Matthew Fox,
6 hours ago
Stocks closed their eight-straight winning session on Monday.
Spencer Platt/Getty Images
The S&P 500 extended its winning streak to eight days, rising nearly 1% on Monday.
Broad-based gains across sectors and strong economic data have driven recent market performance.
Investors are tuned into the Federal Reserve's Jackson Hole meeting and upcoming retail earnings.
The S&P 500 extended its winning streak to eight days on Monday.
The benchmark index was up nearly 1% on Monday, and is up nearly 8% since its winning streak began on August 8.
Monday's gains were broad based across sectors, with communication services and consumer discretionary stocks leading the way, followed by technology and basic materials.
The stock market gains over the past week-and-a-half have come amid better-than-expected economic data and earnings results, highlighted by July's retail sales data and Walmart's second-quarter earnings results, both released last week.
While the Fed will not make an interest-rate decision this week, the meeting serves as a chance for Powell to prepare markets for a September interest-rate cut.
"The key is whether Fed Chair Powell is dovish. We expect this to be the case for two simple reasons: first, inflation is tracking better than consensus expected," Fundstrat's Tom Lee said in a note on Monday. "Second, labor market is softening as unemployment is rising. Why would the Fed be hawkish."
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