The stock market advances while traders give attention the imminent inflation reports
The stock market climbed today,buoyed by Amazon.com and Apple, while investors focused on upcoming inflation data that could upset the market’s fragile recovery.
Amazon.com (AMZN.O) rose 1.9 percent while Apple (AAPL.O) added 0.73 percent, both helping the S&P 500 shake off a negative open to the session and climb 0.13 percent in afternoon trade.
Evidence of the impact of unpredictable, at times frenetic markets was apparent everywhere in latest days. Traders who traditionally pick up their phones to exchange tidbits of details asked to speak after the close. Capital markets bankers cut meetings short to run back to their desks.
Among the biggest movers was sportswear retailer Under Armour (UAA.N), up more than 17 percent on robust quarterly sales, and AmerisourceBergen (ABC.N), up 8 percent following the Wall Street Journal reported Walgreens (WBA.O) was trying to buy out the drug distributor.
Cleveland Fed president Loretta Mester, a voting member in the central bank’s rate-setting committee this year, stated the recent stock market sell-off and jump in volatility will not harm the economy’s entire strong opportunities.
After a very volatile week that spurred the market into correction territory, U.S. stocks gained roughly 3 percent over Friday and Monday, their best two-day gain since June 2016.