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The Dow Jones Industrial Average added 236.77 points, or 0.58 per cent, closing at 40,896.53. The S&P 500 advanced 54 points, or 0.97 per cent, to 5,608.25, while the Nasdaq Composite surged 245.05 points, or 1.39 per cent, to 17,876.77 read more
 "Wall Street extends gains on back of tech stocks, eyes on Jackson Hole, retail earnings")
Wall street indices rallied on Monday (August 19). Reuters
Wall Street stocks extended their upward trajectory on Monday, buoyed by a strong session in European markets and anticipation of earnings reports from key US retailers. Investors also await critical commentary from the US Federal Reserve later in the week.
The Dow Jones Industrial Average added 236.77 points, or 0.58 per cent, closing at 40,896.53. The S&P 500 advanced 54 points, or 0.97 per cent, to 5,608.25, while the Nasdaq Composite surged 245.05 points, or 1.39 per cent, to 17,876.77.
Market movers
Advanced Micro Devices (AMD) emerged as a significant driver of the market, rising 4.5 per cent after announcing a deal to acquire ZT Systems, a supplier in the cloud computing and artificial intelligence sectors, for $4.9 billion in a combination of cash and stock. Nvidia followed closely, contributing substantially to the S&P 500’s gains with a 4.4 per cent rise.
These gains helped counterbalance a 4.8 per cent decline in Guess? Inc. shares after the apparel and accessories retailer disclosed that its Chief Financial Officer would step down to pursue other opportunities. The company has begun the search for a new CFO and appointed an interim successor.
B. Riley Financial experienced a further 5.8 per cent drop, continuing its steep decline of over 65 per cent from the previous week. The financial services firm faced turbulence after Co-founder and Co-CEO Bryant Riley proposed a buyout on Friday, following the company’s announcement of a potential financial hit from its investment in Franchise Group, the owner of Vitamin Shoppe.
Events ahead
This week, investors are eyeing several key events. The Democratic Party’s convention kicks off in Chicago, with Vice President Kamala Harris slated to deliver a keynote speech on Thursday.
On Friday, all eyes will be on Federal Reserve Chair Jerome Powell, who is scheduled to speak at the annual central bank symposium in Jackson Hole, Wyoming. The venue has historically been the stage for significant policy announcements by the Fed. However, expectations are muted this year, with many already anticipating that the Fed will begin cutting interest rates next month.
Earnings reports from cybersecurity firm Palo Alto Networks, retailer Target, and home improvement giant Lowe’s are also due this week, likely to influence market direction.
With inputs from agencies
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English (US) ·