Stocks rallied to begin the fourth quarter, with the Dow closing up 765 points
The Dow rose 765 points, or 2.7%. That was its biggest gain since mid-July. The Nasdaq and S&P 500 gained 2.3% and 2.6%, respectively. Stocks ended September with a resounding thud on Friday. In a sign of how volatile the market is, all but one of the 30 Dow stocks ended the day higher Monday — after they all finished lower Friday. was Monday’s lone laggard.
The latest manufacturing data in the US might also give the Fed reason to reconsider how much it should be raising interest rates. The Institute for Supply Management, a non-profit economic association, reported that its influential manufacturing index fell from August and was below Wall Street’s forecasts. That could be a sign that the Fed’s rate hikes are already having the desired effect of slowing the economy and reducing inflation.
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