Aug. 24 (UPI) — U.S. markets posted gains Wednesday rebounding after a three-day losing streak as investors waited on comments on inflation from the Federal Reserve‘s Jackson Hole symposium.
The Dow Jones Industrial Average gained 59.64, or 0.18%, while the S&P 500 rose 0.29% and the Nasdaq Composite closed the day up 0.41%.
The three-day Jackson Hole economic symposium begins Thursday and Fed Chair Jerome Powell is set to deliver remarks on Friday.
Investors are awaiting hints on whether the central bank will seek to raise interest rates by 75 or 50 basis points at its next policy announcement on Sept. 21.
Baird Investment Strategy Analyst Ross Mayfield told Yahoo Finance that investors expect the Fed to take a dovish turn.
“I do think that all of their jawboning and hawkishness over the past couple of weeks is starting to show up,” Mayfield said. “But you still have a market that I’m not sure quite believes they’ll stick to it as the economy slows through next year.”
Energy, real estate and financials were the best-performing sectors in the S&P 500, while information technology, healthcare and consumer staples struggled.
Cruise lines helped to lead the broader market higher with Norwegian Cruise Lines rising 8.4%, Royal Caribbean gaining 7.68% and Carnival climbing 5.35%.
Peloton stocks surged 20.36% after the company announced a deal to sell its fitness equipment and apparel on Amazon.
Conversely, Nordstrom stock declined 19.96% after the store cut its full-year sales guidance to 5%-7%, citing slower demand and an inventory buildup.
Advanced Auto Parts also fell 9.62% after it also lowered its full-year guidance and missed earnings expectations.
Investors are also awaiting key economic reports including jobless claims Thursday and the personal consumption expenditures price index Friday.
