Stocks Rebound After Monday Losses
(NEW YORK) — Stocks shook off Monday’s declines ahead of this week’s Federal Reserve meeting as well as a German court decision to come Wednesday that will impact the various bailouts of Eurozone countries.
The Dow closed up 69 points, climbing to 13,323.36 for its highest close since Dec. 28, 2007 — a milestone the index hit on Sept. 6, 2012. While the Dow is at a new 52-week high, Tuesday’s close still is not higher than the level reached on Dec. 28, 2007.
The Dow is still down about six percent from its all time high of 14,164.53 in October 2007.
The Nasdaq gained just a fraction of a point to close at 3,104.53. The S&P added four points, closing at 1,433.56.
The central bank could announce it will take new steps aimed to boost anemic growth. It’s two-day policy meeting will wrap up on Thursday.
The nation’s debt rating could take another hit if lawmakers fail to reach a deal on the federal budget, and House Speaker John Boehner isn’t confident lawmakers will be to do that in time. Moody’s Investors Service says it would likely lower the U.S. grade.
Meanwhile, the Labor Department says the nation’s employers posted fewer jobs in July than in June. And June’s postings were revised downward. That follows word on Friday that payroll growth slowed in August, and more people gave up looking for work.
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