WASHINGTON: Wall Street stocks climbed Monday as investors await delayed government figures on US employment and inflation this week – both reports that could provide hints on the path of interest rates ahead.
The Dow Jones Industrial Average rose 0.3 percent to 48,586.08 shortly after trading started, as did the broad-based S&P 500 Index to 6,844.50.
The tech-focused Nasdaq Composite Index added 0.2 percent to 23,249.74.
“We’ve gotten some data over the course of the last couple of weeks, but this is the first time we’ll be playing catch-up,” said Art Hogan of B. Riley Wealth Management.
Wall Street Week Ahead: Investors eager for delayed data to shed light on US economy
He added that it would be good to have more updated data “to see if that sort of lines up with what we think the Fed might do next,” referring to the Federal Reserve.
The US central bank this month made a third consecutive interest rate cut, but also gave signals that the bar ahead could be higher as it seeks to balance risks to inflation and the weakening labor market.
The data will also give investors “an impression on both the strength or weakness of the labor market and the path of inflation,” Hogan said.
A record-long US government shutdown between October and mid-November also paused the publication of various economic indicators, with delayed reports now trickling out.
November’s consumer price index – a key gauge of inflation – is due to be published Thursday while employment numbers for the same month are expected on Tuesday.
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