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
DJIA,
+1.16%
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
SPX,
+0.90%
gained 0.9%, while the Nasdaq Composite Index
COMP,
+0.61%
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,
-3.83%,
KKR
KKR,
+2.69%
and Paramount Global
PARA,
+2.94%
later on Monday.