U.S. stocks closed higher on Monday, recouping earlier losses that came after Federal Reserve Chair Jerome Powell’s comments at a conference Monday, which were viewed as disappointing to investors looking for aggressive interest-rate cuts from the central bank’s final two meetings this year.
The Dow Jones Industrial Average rose 17.15 points, or 0.04%, to end at 42,330.15, a record closing high. It is the index’s 33rd record close of this year. The Dow rose 3211.29 points, or 8.21%, in the third quarter.
The S&P 500 gained 24.31 points, or 0.42%, to finish at 5,762.48, also a record close. It is the index’s 43rd record finish of the year. The index rose 302.00 points, or 5.53%, in the third quarter for its fourth straight quarterly gain. It is the S&P 500’s longest quarterly winning streak since the one ending in the fourth quarter of 2021, when it rose for seven straight quarters.
The Nasdaq Composite added 69.58 points, or 0.38%, to 18,189.17. It was up 456.57 points, or 2.57%, for the quarter and also booked its fourth consecutive quarterly gain. It’s the Nasdaq’s longest quarterly winning streak since the one ending in the second quarter of 2021, when it rose for five straight quarters.