S&P 500 Spikes in Last 10 Minutes of US Trading: Markets Wrap
- Fed favored inflation gauge’s mild gain sets stage for easing
- US consumer sentiment rises for first time in five months
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Stocks climbed in the final stretch of a wild August, with traders bracing for what’s historically known as the worst month for equities.
For all the whiplash in global markets just a few weeks ago, the S&P 500 closed within a whisker of its all-time highs. Equities spiked in the last 10 minutes of Wall Street trading, with the S&P 500 up 1% and all of its major groups on the rise. The gauge notched its fourth straight monthly gain amid data showing the economy is holding up, while leaving the door open for the Federal Reserve to start cutting rates in September. Whether a jumbo-sized reduction remains on the table, next week’s jobs report might bring some clues.