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S&P 500 Within a Whisker of 4,000 in Stock Rebound: Markets Wrap

  • BofA’s Hartnett says US equity gauge set for drop before rally
  • Goldman Sachs’ Kostin believes market pricing in soft landing
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Stocks closed at the highest in a month as data showed a decline in inflation expectations and big banks rebounded from losses driven by worrisome outlooks. Treasuries retreated.

Ahead of Monday’s US holiday, the S&P 500 crossed its 200-day moving average and finished within a hair of 4,000. JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co., which reported results, pushed higher. The Nasdaq 100 climbed for a sixth straight day, the longest winning run since November 2021 — the month when it hit an all-time high.