- The Dow jumped over 260 points Monday, while the Nasdaq Composite declined slightly.
- Investors were getting ready for consumer price inflation data due Tuesday.
- The inflation reading will arrive before next week's Federal Reserve meeting.
- See more stories on Insider's business page .
US stocks closed mixed Monday as investors prepared for a monthly consumer inflation report due just before the Federal Reserve will meet to discuss its outlook on recovery in the world's largest economy.
The Dow Jones Industrial Average moved solidly higher, rising 261 points, with UnitedHealth Group up and Chevron gaining as oil prices rose. But the Nasdaq Composite came under pressure and the S&P 500 eked out a small gain after five straight losses. Stocks started the session higher with some support coming from a decline in 7-day average COVID-19 infections.
This week's economic calendar will include consumer price index inflation data for August on Tuesday. CPI is expected to come in at 5.3%, according to economists polled by Bloomberg.
"Investors don't want to have massive positions before the inflation data as the risks are to the upside as COVID inflation continues to hamper supply chains. If inflation comes in hotter-than-expected, taper expectations could shift from December to November," wrote Ed Moya, senior market analyst at Oanda, in a note.
Here's where US indexes stood at 4:00 p.m. on Monday:
- S&P 500 : 4,468.73, up 0.23%
- Dow Jones Industrial Average : 34,869.63, up 0.76% (261.91 points)
- Nasdaq Composite : 15,105.58, down 0.07%
The Fed's two-day meeting will begin on September 21 and policy makers will release a summary of economic projections, or the dot-plot chart of interest-rate expectations.
Around the markets, MicroStrategy made another big purchase of bitcoin , bringing the value of its holdings of the most traded cryptocurrency to about $5.1 billion.
Litecoin surged and then sharply fell after a fake press release said that Walmart is partnering with the coin for payments.Mohamed El-Erian said supply chain disruptions around the world are set to continue for a few years , and warned high prices across economies could bring a return to a 1970s-style stagflationary environment.
Gold rose 0.2% to $1,792.71 per ounce. The yield on the US 10-year Treasury note slipped to 1.32%.
Oil prices climbed. West Texas Intermediate crude rose 1.2% to $70.55 per barrel. Brent crude , oil's international benchmark, gained 0.8%, to $73.48 per barrel.
Bitcoin lost 3% to $44,733.16.
Via PakApNews