Stocks Up Again in ‘Bad News Is Good News’ World: Markets Wrap
- US economy makes limited progress, companies temper hiring
- Citigroup Economic Surprise Index extends its August slide
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Stocks rose for a fourth straight day as another batch of economic reports pointed to moderation, cementing bets the Federal Reserve is approaching the end of its interest-rate hikes.
The S&P 500 topped 4,500. Apple Inc. led gains in megacaps, while regional banks fell. Bloomberg News reported the Fed issued a slew of private warnings to lenders with assets between $100 billion and $250 billion in a bid to tighten supervision. In late trading, software company Salesforce Inc. climbed on a bullish outlook. Treasury yields edged lower. Swap contracts priced in less than a 50% chance of another quarter-point US rate increase this year.