The stock market bounced back on Monday as traders digested the latest economic data paired with surging odds of a September interest-rate cut. Maybe Jerome Powell’s Federal Reserve is not too late, after all.
The Dow Jones Industrial Average rose 585 points, or 1.3%. The S&P 500 was up 1.5%. The Nasdaq Composite was up 2%.
The rally was broad, with the vast majority of S&P 500 stocks on the rise. Even small-caps were leading the pack after a tough stretch.