USA stocks join global rally; Nasdaq up 1.4 per cent

Ivan Schwartz
August 23, 2017

The Dow industrials and S&P 500 eked out slight gains to close higher on Monday after two days of declines, though a drop in oil prices weighed on energy shares and investors remained cautious amid geopolitical tensions and ongoing political turmoil in Washington.

"We're hopefully getting a couple of more data points to see where the Fed takes their temperature on where they're feeling the economy is at this juncture so that we can anticipate if something happens in the fourth quarter or not".

Investors also await the annual central bankers meeting in Jackson Hole, Wyoming, later this week.

Stocks barely moved today as everyone watched the solar eclipse. That's the most since the two weeks before the election.

The S&P 500 is up 26.96 points, or 1.1 percent.

The Dow Jones Industrial Average rose 187.5 points, or 0.86 percent, to 21,891.25, the S&P 500 gained 22.91 points, or 0.94 percent, to 2,451.28 and the Nasdaq Composite added 80.54 points, or 1.3 percent, to 6,293.67.

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The S&P 500 energy index was down 0.6%, leading sector declines in the S&P 500, with United States crude oil prices settling down 2.4%, giving back last week's gains.

Macy's Inc rose 4.60 percent, putting the stockon track for its best day in almost seven months, after announcing restructuring and job cuts.

Nike shares fell 2.8 percent after Jefferies cut its rating and price target on the stock. The S&P 500 rose 0.1% to end at 2,428.37, with information technology and financials among the worst performers and real estate outperforming.

The Dow is up 1,941.15 points, or 9.8 percent.

The Canadian dollar was trading at 79.73 cents US, up from Monday's average price of 79.52 cents U.S.

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