The S&P 500 is coming off its fourth straight one-week gain, marking the benchmark's longest winning streak since 2021 after economic data showed inflation pressures could be easing a bit. "The way the market's trading, it's already been braced for bad news, so once it gets it, it doesn't hurt the market because it's already prepared for it." "I think what this market is doing a really good job at is making a lot of people feel very uncomfortable," said Truist's Keith Lerner. The moves came despite disappointing economic data out of China, where the country's central bank cut rates unexpectedly, raising concern over China's economic recovery. Disney gained on news of hedge fund manager Dan Loeb's stake. Consumer staples, communication services and consumer discretionary moved higher, while Tesla pulled technology into positive territory.
Stocks opened the session lower, led by declines in energy and financials, before rebounding into positive territory. The Dow closed above its 200-day moving average for the first time since April 20, an indicator often viewed as a signal of where the market could be headed going forward. The Dow Jones Industrial Average added 151.39 points, or 0.45% to close at 33,912.44. equities rose on Monday as the rally on Wall Street continued and traders prepared for a big week for retail earnings.