Stocks closed higher on Tuesday on a countdown to inflation reports that may give the Federal Reserve a reason to consider ending interest rate hikes sooner.
The Dow Jones Industrial Average (^DJI) led the day’s gains, closing 0.93% higher, or more than 315 points. The S&P 500 (^GSPC) rose 0.7%, while the heavy Nasdaq Composite (^IXIC) added 0.55%.
Early Tuesday, the NFIB survey on US business confidence showed optimism rose to a seven-month high in June, but a still-tight labor market continued to fuel concerns about price pressures.
At the same time, investors weighed in on Fed officials’ comments that more interest rate hikes are needed as they eye consumer and producer inflation reports due later this week.
Also on the radar: signs that China is preparing to shore up its ailing economy, while Amazon kicks off its Prime Day promotion that will be watched to read on in the US retail and consumer.
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