The S&P 500 and the Nasdaq rallied on Monday to their highest closing levels since April 2022, while Oracle hit a record high ahead of quarterly results as investors awaited inflation data and the Federal Reserve's interest rate decision this week.
"There's a chance that the Fed will stay data dependent. So we don't necessarily think that a rate hike is off the table in the future, but for the near term we just see them staying steady," said Dylan Kremer, co-chief investment officer of Certuity.
Traders work on the floor of the New York Stock Exchange in New York City, U.S., May 22, 2023. REUTERS/Brendan McDermid Gains in megacap stocks, better-than-expected quarterly earnings and hopes that the Fed might be nearing the end of its monetary tightening cycle have lifted indexes in recent weeks.such as energy and industrials, as well as small-cap stocks, as data continues to show a resilient U.S. economy despite higher interest rates.to 4,500 from 4,000, citing the broadening of the market rally.
climbed 3.5% following its quarterly report. In Monday's trading session it rose as much as 7% to an all-time high after J.P. Morgan hiked its price target.
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