Stocks on Wall Street bounced back from an early slide and closed higher Monday, extending the market’s recent winning ways as investors look ahead to several updates from retailers this week.
The S&P 500 rose 0.4% after having been down 0.5% in the early going. The benchmark index has risen for four straight weeks and is up 13.5% so far in the third quarter, although it’s still lower for the year.
The Dow Jones Industrial Average rose 0.5% and the Nasdaq gained 0.6%. Smaller company stocks also rose, sending the Russell 2000 index 0.2% higher.
The market got off to a bumpy start as traders reacted to news overnight that China’s central bank cut a key interest rate, acknowledging more needed to be done to shore up its economy. The move is the latest warning for markets already on edge over record-high inflation and fears about recessions in the U.S. and elsewhere.
China is the world’s second-largest consumer of crude oil, so the…
