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The Dow Jones Industrial Average jumped Monday, clawing back some of the steep losses from the previous week, as traders looked ahead to a highly anticipated Federal Reserve meeting and new inflation data.
The 30-stock index hiked 248.11 points to 33,665.15
The S&P 500 gathered 19.82 points to 3,954.20
The NASDAQ Composite Index surged 34.31 points to 11,038.40
Wall Street is coming off a rocky week that saw all three major averages lose ground. The Dow had its worst weekly loss since September, dumping 2.8%, and S&P 500 fell 3.4%. The NASDAQ dropped 4%.
A slew of dealmaking activity boosted sentiment. Coupa Software and Horizon Therapeutics were among biggest movers on Monday after the companies announced they’ve agreed to be bought.
The moves come as investors remain focused on inflation. On Tuesday, the November consumer price index will be released and traders will be looking for a sign that inflation is slowing.
The Federal Reserve has a two-day meeting starting the same day. The central bank is expected to announce another rate hike on Wednesday, though traders are anticipating a smaller move than in recent months.
Prices for the 10-year Treasury were unchanged, keeping yields at Friday’s 3.59%.
Oil prices picked up $2.22 to $73.24 U.S. a barrel.
Gold prices lost $16.50 to $1,794.20 U.S. an ounce.
