U.S. stocks ticked higher Monday as Wall Street keeps wrestling with whether the economy will successfully avoid a recession amid rising interest rates and high inflation.
The Standard & Poor’s 500 index rose 12.89 points, or 0.3%, to 4,121.43 after swinging through another day of erratic moves, in what’s become the norm for markets. The Dow Jones industrial average edged up 16.08 points, or less than 0.1%, to 32,915.78, and the Nasdaq composite gained 48.64 points, or 0.4%, to 12,061.37.
The yield on the 10-year Treasury jumped back above 3% to 3.04%, up from 2.95% late Friday. It’s moving toward its levels from early and mid-May, when it reached its highest point since 2018 amid expectations for the Federal Reserve to raise interest rates aggressively in order to rein in the worst inflation in decades.Rick Caruso has outspent his political rivals thanks to a fortune made developing high-end shopping malls and apartments. Here is how he accumulated that wealth.
The number of job openings has started to decline, which could reduce some of the pressure pushing wages and inflation higher. Snarled supply chains around the world have also improved, though the Goldman Sachs economists led by Jan Hatzius still see a 35% risk of a U.S. recession within the next two years.
As it measures financial conditions, the Fed looks at how prices are behaving in stock and bond markets. The S&P 500 is close to where it was a month ago, churning as investors put on and take off bets that the Fed may take a pause later this year in its sharp interest rate increases. But stocks have endured big day-to-day and even hour-to-hour swings through that stretch, and the S&P 500 remans 13.5% below where it began the year.
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