Stocks closed slightly higher Monday, clawing back some of the losses from their worst week since early December. The S&P 500 rose 12.20 points, or 0.3%, to 3,982.24 for only its second gain in the last seven days. The Dow Jones Industrial Average rose 72.17 points, or 0.2%, to 32,889.09. The Nasdaq composite rose 72.04 points, or 0.6%, to 11,466.98. Treasury yields eased after a report showed that orders for machinery, aircraft, and other long-lasting manufactured goods fell by more than economists expected in January. That helped take some pressure off stocks, the AP reports. Yields soared this month as Wall Street raised its forecasts for how high the Federal Reserve will take interest rates and how long it will keep them there.
Stocks have struggled in February after a strong start to the year as reports have shown inflation and much of the overall economy are staying more resilient than expected. While the strong economic data calms fears that a recession may be imminent, it also has forced Wall Street to raise its forecasts for how high the Federal Reserve will take interest rates and how long it will keep them there. The heightened expectations for higher rates have been most evident in the bond market, where yields have shot higher in recent weeks.
On Wall Street, shares of Union Pacific jumped 9.4% for one of the market's biggest gains after the railroad announced plans to replace its CEO later this year. The company has been under pressure from a hedge fund with a big ownership stake in it. Most companies have already reported their results for the last three months of 2022, but a couple of dozen companies in the S&P 500, including Advance Auto Parts, Kroger, and Target, are still scheduled to report this week. Many may offer a window into how well US households are holding up amid higher interest rates and still-high inflation.
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