US stocks rise in a bid to rebound after a 3-week losing streak
- US stocks rose Tuesday as investors returned from the Labor Day holiday.
- Stocks have lost ground over the past three weeks as the Fed signaled it will stay aggressive with rate hikes.
US stocks rose Tuesday as investors returned from the Labor Day weekend to assess where equities stand after a string of weekly losses.
All three of Wall Street's major stock indexes advanced following three weeks of declines. Investors have dragged stocks lower in recent sessions after Federal Reserve Chairman Jerome Powell reasserted the central bank's resolve last month in chopping down inflation, signaling a higher-for-longer environment for interest rates.
Goldman Sachs said the US economy looks increasingly like it will avoid a recession despite the Fed's aggressive interest-rate hikes.
Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday:
- S&P 500: 3,933.93, up 0.25%
- Dow Jones Industrial Average: 31,419.11, up 0.32% (100.67 points)
- Nasdaq Composite: 11,636.01, up 0.04%
But Bespoke Investment Group said concerns still loom as the economy remains on "shaky footing" and traders have become used to the market giving up gains throughout the trading day.
"The upcoming weeks are busy with investor conferences so be on the lookout for any negative commentary emanating from those get-togethers," the research firm said.
Around the markets, Digital World Acquisition Corp. shares tumbled more than 20% following a Reuters report the company hasn't won enough votes from shareholders to give it another 12 months to complete a proposed merger with Donald Trump's social media company.
Oil prices increased. West Texas Intermediate crude gained 1% to $87.76 per barrel. Brent crude, the international benchmark, picked up 1.1% to $94.06.
Gold fell by 0.3% to $1,717.60 per ounce. The 10-year Treasury yield increased by 7 basis points to 3.27%.
Bitcoin rose 0.8% to $19,907.04.