Dow posts best day in 7 weeks as stocks resume rally

U.S. stocks closed higher Monday, with the Dow posting its best day in about seven weeks. The Dow Jones Industrial Average rose about 408 points, or 1.2%, ending near 35,473, according to preliminary FactSet data. It snapped a 3-session decline and marked the Dow's best daily percentage gain since June 15, according to FactSet data. The S&P 500 index gained 0.9%, while the Nasdaq Composite Index closed up 0.6%. Investors were looking to gauge the possibility of yet another rate hike from the Federal Reserve next month, with the U.S. economy still able to navigate higher rates without slipping into a recession. A key focus will be on Thursday's July reading of the consumer-price index as an inflation update, but also continued corporate earnings results, including from Tyson Foods (TSN), KKR (KKR) and Paramount Global (PARA) later on Monday.

-Joy Wiltermuth

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08-07-23 1602ET

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