Dow rises 200 points as Wall Street rebounds off losing week: Live updates

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Dow rises 200 points as Wall Street rebounds off losing week: Live updates

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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. 

Brendan McDermid | Reuters

Stocks rose Monday as investors kicked off a week with more corporate earnings and key inflation readings.

The Dow Jones Industrial Average traded 251 points higher, or 0.7%. The S&P 500 advanced 0.5%, while the Nasdaq Composite advanced 0.3%.

Berkshire Hathaway climbed nearly 2%, signaling investor satisfaction with the company’s earnings report and cash stockpile. Animal health care stock Elanco rallied more than 6% after beating Wall Street expectations, while Tyson Foods slid nearly 9% on an underwhelming report.

Sovos Brands, the company known for Rao’s, surged nearly 25% after Campbell Soup announced it would acquire the pasta sauce maker. Campbell Soup slipped 0.3% to its lowest share price since April 2022.

Boeing led the Dow higher with a gain of more than 2%. Nvidia, a closely watched artificial intelligence stock, rose more than 1% after sliding more than 4% last week.

The moves follow a losing week on Wall Street. The Nasdaq Composite and S&P 500 slid about 2.9% and 2.3%, respectively, marking their worst weeks since March. The Dow finished the week about 1.1% lower.

Monday kicked off the latest leg of what has broadly been considered a better-than-expected corporate earnings season. Of the 85% of companies in the S&P 500 that have posted their quarterly results, about four-fifths have exceeded Wall Street forecasts, according to FactSet.

Later in the week, investors will shift focus to the release of July consumer and producer price index data. Both are closely watched given their connection to the path of inflation and the health of the economy.

The indexes have been watched with particular interest amid the Federal Reserve’s rate-hiking campaign as investors try to predict how the central bank will move policy going forward. The readings follow last week’s employment data, which showed there was less job growth than economists expected in July.

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