Friday, September 29, 2023

Wall Street rose in the session with strong gains in Tesla, with attention focused on inflation data

Sept 11 (Reuters) – Wall Street rose on Monday, with Tesla leading gains among mega-cap stocks, as investors awaited this week’s inflation data for clues about the path of the U.S. economy. interest rates. US Federal Reserve.

* At 1347 GMT, the Dow Jones Industrial Average gained 156.55 points, or 0.45%, to 34,733.14 units; the S&P 500 index advanced 19.46 points, or 0.44%, to 4,476.95 units; and the Nasdaq Composite rose 71.42 points, or 0.52%, to 13,832.94 units.

* Tesla rose 6% after Morgan Stanley raised its shares to “overweight,” saying the electric maker’s Dojo supercomputer could boost the company’s market value by nearly $600 billion.

* Shares of other mega-cap companies such as Alphabet, Microsoft and Amazon rose between 0.4% and 1.1%.

* S&P 500 consumer discretionary stocks advanced 1.6%, leading gains in the main S&P 500 sectors.

* Investors are now awaiting key consumer and producer price data as well as retail sales figures due later in the week.

* “Inflation numbers can be expected to be at least flat, if not higher, and probably somewhat higher compared to the continued decline we’ve seen since last year,” said Hugh Anderson of HighTower Advisors.

* “I expect at least one more increase, but this is the best. Certainly no cuts, and I don’t expect to see cuts for a long time until we see a big reduction in work,” he added.

Nation World News Desk
Nation World News Desk
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